Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- Pages From the Diary of Mrs. C. Hunt - A Little Bit Dirrrty
May 17, 2022Let's dish some dirt and talk EMERGE Conference and today's House Financial Services Committee's markup of credit union legislation
- Supreme Court Ruling Means CFPB Must Start Over on Payday Loan Rules, Attorney Argues
May 17, 2022A Fifth Circuit Court panel is questioning whether a U.S. Supreme Court ruling requires the Consumer Financial Protection Bureau to invalidate a 2020 payday rule and to restart the process of new payday loan regulations.
- FOM Modernization Bill is Free-Market Solution to Address Financial Access
May 17, 2022CUNA wrote in support of several bills scheduled for markup Tuesday by the House Financial Services Committee, including the Expanding Financial Access for Underserved Communities Act, Close the ILC Loophole Act, and CDFI Bond Guarantee Improvement Act.
- FOM Modernization, ILC Loophole Legislation Scheduled for Markup
May 17, 2022The House and Senate are both in Washington, D.C., this week. The House Financial Services Committee will mark up several bills Tuesday, including the CUNA-League-supported Expanding Financial Access for Underserved Communities Act (H.R. 7003).
- USAA Scores Mobile Deposit Capture Patent Win Against PNC
May 17, 2022USAA continues to take on its large-bank rivals with patent suits. A court in Marshall, Texas, has awarded the San Antonio company $218 million in damages over its claims that PNC Bank infringed four USAA patents related to remote check deposit technology.
- House Committee to Mark Up Field-of-Membership Modernization Bill
May 16, 2022The House Financial Services Committee will mark up CUNA and League-supported the Expanding Financial Access to Underserved Communities Act starting Tuesday. The bill was introduced in March by Chairwoman Maxine Waters, D-Calif., in the days after the 2022 CUNA GAC.
- NCUA Already Has All the Third-Party Oversight Tools it Needs, NAFCU Tells Committee
May 16, 2022Ahead of a hearing at which an NCUA executive again called for Congress to provide the agency with third party oversight authority, NAFCU reiterated its opposition to NCUA being given such expanded authority.
- Bill Debuts in Senate That Would Create $2B Emergency Fund for CDFIs
May 13, 2022A dozen senators led by Senator Brian Schatz (D-HI) have introduced legislation in the Senate Banking, Housing and Urban Affairs Committee that would create a new $2-billion emergency fund for community development financial institutions (CDFIs).
- Yellen Calls for Stablecoin Regulation
May 13, 2022Treasury Secretary Janet Yellen reiterated her call for Congress to regulate stablecoins following a significant decline this week in TerraUSD, The Wall Street Journal reported.
- NCUA Details Its AI Programs, Asks Congress for Third-Party Vendor Authority
May 13, 2022During a Friday hearing on Capitol Hill about artificial intelligence (AI) and RegTech, an official with the NCUA testified about the AI challenges facing the agency and the growing need for approval from Congress for the NCUA to have third-party vendor authority over those organizations supplying AI technology to credit unions.