Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- NCUA Adjusts ONES Supervision Threshold; Issues Cyber Incident Proposal
July 22, 2022The NCUA board approved its final asset threshold supervision rule and issued a proposal on cyber incident reporting at its meeting Thursday. The board also heard a briefing on the 2022 mid-session budget.
- Potential for FHFA to Purchase More Nonconforming Loans from CDFIs is Addressed by Director
July 22, 2022FHFA Director Sandra Thompson has offered some direction around the agency’s posture regarding pilot programs and the purchase of more noncomforming loans from CDFIs.
- Lawmakers Back Fintechs Making SBA Loans
July 22, 2022Senators Tim Scott, R-S.C., and John Hickenlooper, R-Colo., and Reps. Jason Crow, D-Colo., and Byron Donalds, R-Fla., urged Small Business Administrator Isabella Guzman to lift the moratorium on allowing financial technology firms to serve as small business lending companies and to include them under its flagship small business loan program.
- Bill to Regulate Stablecoins in Offing
July 22, 2022New legislation to regulate stablecoins is more likely as U.S. lawmakers moved closer to a bipartisan agreement to impose basic safeguards on volatile cryptocurrency markets, The Wall Street Journal reported.
- Crypto-Regulation Bill Unlikely to Get Senate Vote This Year, Lummis Says
July 22, 2022A sweeping piece of legislation that would overhaul how the cryptocurrency industry is regulated by Washington is unlikely to be voted on this year by the US Senate, according to one of the lawmakers driving the effort.
- House Committee Passes Remote Online Notary Legislation
July 21, 2022The House Energy and Commerce Committee passed the Securing and Enabling Commerce Using Remote and Electronic Notarization Act of 2021 (H.R. 3962). A bipartisan group of Virginia lawmakers had signed on in support of the measure.
- Bill Would Bring Closer a Major Overhaul of AML Laws
July 20, 2022A major overhaul of America’s anti-money laundering laws is another step closer after the House of Representatives’ most recent action, according to one analysis. The bipartisan Establishing New Authorities for Businesses Laundering and Enabling Risks to Security (ENABLERS) Act was included in House-passed version of the National Defense Authorization Act.
- 'Minibus' Bill Funds Priorities Important to CUs, Communities
July 20, 2022The “minibus” appropriations bill set for a House vote this week includes appropriate funding levels for credit union priorities, including Treasury’s Community Development Financial Institutions Fund and NCUA’s Community Development Revolving Loan Fund.
- Credit Unions ‘Integral’ to FHFA’s Housing Mission, Goals
July 20, 2022Credit unions are integral to achieving the Federal Housing Finance Agency’s (FHFA) housing mission and goals, CUNA wrote to House Financial Services leadership Tuesday. The committee will conduct its semiannual hearing on FHFA oversight hearing Wednesday with FHFA Director Sandra Thompson scheduled to testify.
- NAFCU Compliance Blog - A CFPB Roundup
July 20, 2022In addition to publishing some recent advisory opinions, the Consumer Financial Protection Bureau (CFBP) has been busy cooking up some enforcement actions (EA). Here are two notable EAs that have come out recently.