Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- League Amps Up Advocacy Initiatives on Interchange
August 8, 2022Your League is working to combat a bill in Congress that would alter the current interchange system.
- League Opposes Senate Bill S.4698, The Improving Cybersecurity of Credit Unions Act
August 5, 2022Your League is strongly opposed to a proposed Senate bill which would grant the NCUA examination authority over CUSOs and third-party vendors and is advocating against its advancement.
- State Corporation Commission Denies Addition of Virginia Medical Society to Virginia Credit Union’s Field-of-Membership
August 3, 2022In a disappointing decision with potential national implications for field-of-membership expansions, the Virginia State Corporation Commission has denied authorization for Virginia Credit Union to add a group of state medical professionals to its field-of-membership.
- NAFCU Compliance Blog: CFPB Releases Report Highlighting Military Complaints
August 1, 2022The Consumer Financial Protection Bureau’s (CFPB) Office of Servicemember Affairs released its annual report identifying trends among consumer complaints submitted by servicemembers, veterans, and their families. The report highlights credit and consumer reporting issues and medical billing and collection issues as some of the most common types of complaints received by the Office of Servicemember Affairs.
- League's Carrie Hunt Featured on Financial Minds Podcast
July 27, 2022Calling all Virginia credit unions … this one is for you! Vizo Financial is continuing the Credit Union Leagues series in its Financial Minds podcast this week by chatting with Carrie Hunt, president/CEO of the Virginia Credit Union League
- CFPB on Evolution of Banks’ Overdraft/NSF Fee Revenues and Policies
July 25, 2022In its July 20 blog post, the Consumer Financial Protection Bureau (CFPB) examines the evolution of banks’ reliance on overdraft and NSF fees since the publication of its report “Overdraft/NSF Fee Reliance Since 2015 – Evidence from Bank Call Reports” last December. The CFPB relied on additional data from the call report from the last three available quarters – the third quarter of 2021 through the first quarter of 2022.
- NAFCU Compliance Blog: NCUA Follows Banking Regulators, Proposes Cyber Incident Notification Rule
July 25, 2022Last fall, major federal banking regulators issued a final rule that imposed new cyber incident notification requirements on banks. While that rule does not apply to credit unions, cyber incident reporting requirements for credit unions are now on the horizon. Last week the National Credit Union Administration (NCUA) issued their own proposed rule on this topic.
- Schumer's Long-Awaited Cannabis Legislation Introduced
July 22, 2022Senate leaders are introducing sweeping legislation Thursday meant to lift federal prohibitions on marijuana more than 50 years after Congress made the drug illegal. Senate Majority Leader Chuck Schumer’s Cannabis Administration and Opportunity Act would decriminalize cannabis on the federal level. Its odds of passing in this Senate are slim, but the legislation will shape the conversation around cannabis legalization going forward. While your League doesn't take a position on legalizing cannabis at the federal level, we do remain engaged on the issue in seeking a legal and safe harbor for credit unions to work with legal cannabis firms, especially important now that Virginia will allow the retail sale of recreational-use marijuana to adults beginning January 2024.
- Dems Urge CFPB To Bolster Payment App Fraud Protections
July 22, 2022A group of Democratic senators is calling on the Consumer Financial Protection Bureau to push banks to shoulder more liability for fraud that occurs on peer-to-peer payment platforms like Zelle, arguing that consumer protections around electronic payments need to be updated for the digital age.
- FHFA Will 'Reexamine' Role of Federal Home Loan Banks: Thompson
July 22, 2022The director of the Federal Housing Finance Agency said the agency would “reexamine” the structure and role of the Federal Home Loan banks in the U.S. housing market, the first possible steps of long-sought reform.