Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- NCUA Board Briefed on Post-Examination Survey Project
June 17, 2022Through a live webcast, the National Credit Union Administration Board held its sixth open meeting of 2022 and was briefed on the results of the NCUA Post-Examination Pilot Survey. The pilot survey focused on pre-examination, reporting, and post-examination requirements along with one open-ended question. View the entire press release?.
- BREAKING NEWS: House Passes Bill Modernizing Credit Union Fields-of-Membership
June 15, 2022The House passed the CUNA-League-led Expanding Financial Access for Underserved Communities Act Wednesday as part of a larger financial services bill. CUNA, Leagues, credit unions, and system partners strongly support the bill, and engaged House members throughout the process.
- FOM Modernization Addresses ‘Unquestionable Need’ in Many Areas
June 15, 2022Language modernizing federal credit unions’ field-of-membership regulations would expand affordable financial services to those who need it, CUNA wrote to House leadership Wednesday. The House is expected to vote on a bill—H.R. 2543—that contains language from the CUNA-League-led Expanding Financial Access for Underserved Communities Act (H.R. 7003).
- Although Well-Intentioned, NAFCU Says Bill That Would Expand FOM Increases Regulatory Burden
June 15, 2022Although it has credit union support, NAFCU wants Congress to revisit several aspects of the Financial Services Racial Equity, Inclusion, and Economic Justice Act package, which includes the just-passed Expanding Financial Access for Underserved Communities Act, saying it brings greater regulatory burden.
- What the End of ‘Chevron Deference’ Could Mean for Banks
June 13, 2022The culmination of a yearslong push from conservative lawyers to undercut the broadest powers of federal agencies could unsettle decades of American banking law and fundamentally reshape the industry’s relationship to its regulators, scholars say.
- Credit Unions, League Meet with Rep. Don Beyer
June 10, 2022Arlington Community Federal Credit Union's Karen Rosales, Navy Federal Credit Union's Michael Huff and League President/CEO Carrie Hunt met today with Rep. Don Beyer (D-8th) to discuss a number of key credit union issues.
- Will Regulators’ Warnings Chill Lenders’ Use of AI?
June 10, 2022The Consumer Financial Protection Bureau recently issued a fresh warning to lenders that use artificial intelligence in lending decisions, saying they must be able to explain how their models decide which borrowers to approve and provide clear reasons to consumers who are declined.
- Credit Union Expansion Bill Wrapped into House Package on Financial Inclusion
June 9, 2022A bill to allow credit unions to expand into underserved areas is now part of a broader legislative package headed for likely consideration on the U.S. House floor.
- Midterm Elections Unlikely to Slow Momentum for Bipartisan Privacy Bill
June 9, 2022Lawmakers penning omnibus privacy legislation will need to work through some snags, but momentum on the bill — even after the November midterm elections — is unlikely to slow, experts say. A draft of the American Privacy and Data Protection Act was unveiled June 3 and is the first iteration of a comprehensive U.S. privacy bill that tech stakeholders have desired for years. It also marks the first bipartisan and bicameral law of its kind.
- League, Credit Unions Host Virtual Meeting with Sen. Tim Kaine
June 9, 2022Twenty credit union champions and League President Carrie Hunt and staff participated in a 45-minute virtual meeting on June 8 with Sen. Tim Kaine, discussing a range of topics and legislation, including cannabis banking, interchange fees, data security and overdraft programs.