Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- Treasury’s Liang Says Reining in Stablecoins Harder Without Federal Payments Regulator
July 19, 2022Stablecoins have the potential to upend the payments sector, and the lack of a federal payments regulator makes it harder to tackle the problem, a top Treasury Department official says.
- House Version of NDAA Gives NCUA Third-Party Oversight Authority; League Opposes Expansion of NCUA Authority
July 19, 2022While the credit union trade associations have hailed House passage of the National Defense Authorization Act because it includes amendments backed by CUs, getting less attention with last week’s passage is the fact the bill would also give NCUA oversight of third-party vendors. Your League remains engaged on this issue and other provisions of interest to credit unions in the NDAA as the Senate begins its work on the legislation.
- House ‘Minibus’ Vote, FHFA Oversight Hearing This Week
July 19, 2022The House and Senate are in Washington D.C., this week. The House is expected to vote on a “minibus” appropriations package containing six bills, including the FY23 Financial Services and General Government (FSGG) bill.
- Want to Serve on CFPB's Credit Union Advisory Council? Application Deadline Fast Approaching
July 18, 2022The CFPB is accepting applications to its Credit Union Advisory Council (CUAC) and other advisory committees.
- CFPB Extends Late Fee ANPR Deadline to August 1
July 18, 2022The CFPB extended the comment deadline for its advance notice of proposed rulemaking on credit card late fees to August 1 (from the original July 17 deadline). CUNA called on the CFPB to extend the comment deadline by at least 60 days in a letter sent in June.
- Banks Call for Housing Discrimination Scrutiny for Credit Unions
July 15, 2022A banker told Congress Wednesday that it should require credit unions to comply with the Community Reinvestment Act, which was created in 1977 to stop banks from discriminating against minorities for home loans.
- NAFCU, CUNA Support Cannabis, Remote Notarization Amendments to House Bill
July 15, 2022NAFCU and CUNA, along with the Independent Community Bankers of America (ICBA) and the American Bankers Association (ABA), jointly sent a letter to Reps. Nancy Pelosi (D-Calif.) and Kevin McCarthy (R-Calif.) on Wednesday to show their support of adding the SAFE Banking Act and the SECURE Notarization Act to the NDAA ahead of the full vote.
- House Passes NDAA with SAFE Banking Act Provisions; Longtime Champion Pledges to Keep Pushing for Senate Passage
July 15, 2022Financial institutions would be allowed to lend to cannabis companies under a defense authorization bill passed by the U.S. House late July 14. The bipartisan Secure and Fair Enforcement, or SAFE, Banking Act is on its way to the U.S. Senate.
- House Passes NDAA with SAFE Banking, CLF Extension
July 15, 2022The House passed the FY23 National Defense Authorization Act with several CUNA-supported provisions. The bill includes the Secure and Fair Enforcement (SAFE) Banking Act, extends CARES Act Central Liquidity Facility flexibility, and includes provisions to support fair hiring in financial services. Also of note: the NDAA contains provisions that would grant NCUA third-party vendor examination authority, which your League vehemently opposes. We'll remain engaged on this issue and legislation as the Senate takes up this measure.
- CUNA Backs SAFE Banking Amendment to FY23 NDAA
July 14, 2022CUNA joined organizations in supporting the addition of the Secure and Fair Enforcement (SAFE) Banking Act to the House version of the FY23 National Defense Authorization Act (NDAA), which is scheduled for a House floor vote this week. The SAFE Banking Act is a CUNA-League supported bill offering safe harbor for financial institutions serving legal, cannabis-based businesses.