Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- TRGroup Hosting First-Ever Compliance Conference
July 12, 2022Learn from the industry's best-known regulatory compliance experts at the TRGroup's first-ever compliance conference, slated for Sept. 14-15 in Nashville, TN.
- Basel Committee Issues World Council-Supported Proportionality Guidance
July 12, 2022The Basel Committee on Banking Supervision (Basel Committee) has issued guidance encouraging national-level regulators to consider tailoring its standards for less complex financial institutions such as credit unions—a position long-advocated for by World Council of Credit Unions that will benefit financial cooperatives and their members worldwide.
- Brainard Calls Digital Dollar a 'Natural Evolution' of Payment System
July 12, 2022A central bank digital currency could play a key role in protecting financial stability, Federal Reserve Board Vice Chair Lael Brainard said in a speech. In remarks delivered at a Bank of England conference in London, Brainard said a CBDC could be a settlement layer that connects a system of regulated stablecoins to one another and to public money. The comments were the strongest endorsement a Fed official has given to the idea of a digital U.S. dollar to date.
- Treasury RFC Seeks Input on Digital Assets
July 12, 2022The Treasury Department has issued a request for comment (RFC) on the responsible development of digital assets, which fulfils its consultative requirement under President Biden's Executive Order on Ensuring Responsible Development of Digital Assets.
- Voice Service Providers File Ex Parte Letter with FCC
July 8, 2022A coalition of voice service providers filed an?ex parte letter?with the Federal Communications Commission Friday expressing direct support of CUNA’s?recently filed letter, supported by leagues, on call blocking notification codes. CUNA supports adoption of SIP Code (signaling protocol) 608 to provide notification to callers that a voice service provider has blocked their call using analytics.
- League President/CEO Carrie Hunt Hosting July 27 Virtual Meeting for Members CUs
July 7, 2022Join League President/CEO Carrie Hunt on July 27 for a special virtual meeting on your League's recent initiatives, including updates on advocacy, business solutions and our collaborative endeavors. We also want to hear from you!
- Oversight Needed for Digital Assets Marketplace
July 5, 2022In a letter to the Department of Commerce’s International Trade Administration, CUNA said it supports developing a comprehensive regulatory framework governing digital assets that protects consumers, financial institutions, and the economy. CUNA sent the letter in response to the federal agency’s request to comment on Developing a Framework on Competitiveness of Digital Asset Technologies (RFC).
- FIs Hit Back at Merchants Over Inflation's Role in Swipe-Fee Debate
July 1, 2022Financial institutions are hitting back at retailers over which side is being harmed by inflation — part of their long-running fight about the future of interchange fees.
- Bureau Accepting Applications for CFPB Advisory Committees
July 1, 2022To ensure that the Consumer Financial Protection Bureau (CFPB) hears from a variety of external experts with diverse viewpoints, the Bureau established the Consumer Advisory Board, the Community Bank Advisory Council, the Credit Union Advisory Council, and the Academic Research Council. These advisory committees provide the CFPB with information about emerging trends and practices in the consumer financial marketplace. They also allow the Bureau to hear directly from small financial institutions.
- Biden Official Says US Government Could Pass Stablecoin Rules by End of Year
July 1, 2022The U.S. federal government is working on stablecoin legislation with Congress that could become law by the end of the year, an administration official told CoinDesk. The President’s Working Group on Financial Markets, an intergovernmental group composed of the heads of several financial regulators, met Thursday to discuss recent stablecoin activities and future legislation. This legislation would be introduced by the House Financial Services Committee, the official said.