Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- Senators Introduce Bipartisan CU Board Governance Update
May 27, 2022A bipartisan group of Senators introduced a bill to update credit union board meeting requirements. The bill has a bipartisan House companion, introduced in March.
- Creation of U.S. CBDC Could Worsen Financial Services Ecosystem
May 27, 2022There are many open questions surrounding central bank digital currencies, CUNA wrote for a hearing on CBDCs noting concerns that that under several scenarios, the creation of a CBDC could significantly worsen the provision of financial services.
- Financial Inclusion Bill Could Reignite Credit Union-Bank Conflict
May 27, 2022The trend of credit unions buying banks has grabbed a lot of attention in recent years, but two other key issues have raised tensions between the two industries. Bankers have long opposed attempts by credit unions to expand their field-of-membership and their business lending capabilities, but proposed legislation would open the door to both.
- NCUA Opens Door to Crypto for Credit Unions
May 27, 2022The NCUA has told credit unions they can use the technology behind cryptocurrency as long as they follow NCUA principals to ensure compliance with existing regulations and don’t create undue risk.
- CUNA Supports Long-Term Authorization of National Flood Insurance Program
May 26, 2022CUNA strongly supports efforts to pass a long-term reauthorization of the National Flood Insurance Program through 2027, it wrote to the House Financial Services Subcommittee on Housing, Community Development, and Insurance Wednesday.
- Hood: No Need to Raise NCUSIF Operating Level
May 26, 2022Federal credit unions’ strong financial performance precludes the need to raise the NCUSIF normal operating level from 1.33% of insured shares, NCUA Board Member Rodney Hood told attendees at the 2022 CUNA Finance Council Conference.
- CUNA, League-Supported FOM Modernization Bill Passes House Financial Services Committee
May 26, 2022The House Financial Services Committee advanced the CUNA-League-led H.R. 7003, Expanding Financial Access for Underserved Communities Act with a 27-22 vote. The bill represents the most significant proposed update to the Federal Credit Union Act since 1998.
- NCUA Notes NCUSIF Performing Well, But Agency Will Remain Vigilant
May 26, 2022The National Credit Union Share Insurance Fund reported a net income of $54.4 million and a net position of $20.4 billion for the first quarter of 2022. The Fund’s total assets decreased to $20.6 billion at the end of the quarter from $20.7 billion at the end of the fourth quarter of 2021.
- Virginia Budget Negotiators Signal They Are Close to a Deal
May 23, 2022State budget negotiators are so close to a deal that they’re telling fellow legislators to set aside June 1 as a possible date to return to the Capitol for a vote and urging them to wrap up haggling over any other bills held over from the regular session.
- CFPB's Latest Existential Threat: Legal Challenges to Its Funding
May 23, 2022The Consumer Financial Protection Bureau again faces an existential threat in the courts — this time over whether the agency’s funding by the Federal Reserve System is constitutional.