Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- ‘Protect My Card’ Campaign Pushes Back Against Interchange Bill
August 10, 2022CUNA launched its “Protect My Card” Member Activation Program campaign to activate credit union members to share concerns with the interchange bill introduced by Sens. Roger Marshall, R-Kan., and Dick Durbin, D-Ill. Your League has issued a call-to-action to get our credit union professionals, offcials and members engaged!
- CUs, League Meet with Congressman Cline
August 10, 2022Yesterday, representatives from five credit unions and your League traveled to Staunton to meet with Rep. Ben Cline (R-6).
- Ginnie Mae Recognizes Credit Unions as Regulated Depositories
August 9, 2022Ginnie Mae (GNMA) recently issued an All Participant Memorandum (APM) announcing the amendment of its MBS Guide to recognize that credit unions are regulated depositories and not non-banks. Your League advocated for this change.
- NCUA Updates LID Area Workbook, Results in Decline of LID Population
August 9, 2022The National Credit Union Administration (NCUA) recently released an updated version of its Low-Income Designated (LID) Area Workbook, used to determine which geographic areas are classified as low-income.
- Warren to Target Bank Crypto Offerings in US Regulator Query
August 9, 2022Massachusetts Democrat Elizabeth Warren is circulating a letter among her Senate colleagues that would ask a key US bank regulator to withdraw legal guidance that has underpinned Wall Street’s foray into crypto. Warren wants the Office of the Comptroller of the Currency to pull a series of Trump-era interpretations that paved the way for banks to offer services like crypto custody for clients.
- Interchange Bill Means Fewer Options, Increased Data Security Threats
August 9, 2022CUNA, all Leagues, the American Bankers Association, and all state banking associations wrote to Congressional leadership outlining strong opposition to the interchange bill introduced earlier this month by Sens. Roger Marshall, R-Kan., and Dick Durbin, D-Ill. Note: You can help our efforts by writing your lawmakers!
- Comprehensive Digital Asset Framework Would Aid Adoption
August 9, 2022Digital asset innovations represent new opportunities for consumers and credit unions, CUNA wrote to the Treasury Monday in response to a request for information on digital asset development. CUNA notes credit unions support a “whole-of-government” approach to the issue, as outlined in President Joe Biden’s March executive order on the subject.
- Cross-Regulator No-Action Process Would Provide Oversight, Consistency
August 9, 2022CUNA strongly supports the Financial Crimes Enforcement Network’s effort to establish a no-action letter process, it wrote to FinCEN Friday. No-action letters come from government agencies stating it will not take legal action should an entity proceed with a proposed course of action.
- CFPB Gets Earful on Limiting Credit Card Late Fees
August 9, 2022Credit unions and banks are pushing back hard against an effort by the Consumer Financial Protection Bureau to put a halt to a roughly 9% hike next year in credit card late fees pegged to inflation.
- League Urges CUs, Members to Contact Lawmakers on Interchange Bill
August 8, 2022Your League is calling on credit unions to voice their concerns with the Credit Card Competition Act, which was introduced by Sens. Dick Durbin (D-IL) and Roger Marshall (R-KS). The legislation poses a serious threat to sensitive financial data for millions of consumers by allowing the nation’s largest retailers to bypass established secure payment networks.