Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- Chopra's Expansive Vision for CFPB Authority is Facing Industry Pushback
May 13, 2022A dizzying number of policy changes and enforcement actions by the Consumer Financial Protection Bureau in recent weeks has prompted aggressive pushback from banks and industry executives.
- Four Ways Cannabis Banking Could Cross the Finish Line in 2022
May 13, 2022The legalization of cannabis banking looks as likely as ever, but the road lawmakers will take to get there remains an open question. After years of stasis, many policy analysts are suddenly bullish on the reform’s odds of passage.
- Overdraft Fees, NCUA Oversight of Vendors Comes Up During Another Senate Hearing
May 12, 2022The issue of overdraft fees raised its head in yet another Senate hearing, as did questions around cybersecurity risks to credit unions. Both issues were raised during a Senate Banking, Housing, and Urban Affairs Committee hearing focused on the Financial Stability Oversight Council’s (FSOC) report to Congress.
- NCUA and CDFI Fund Hosting Webinar on Community Development Resources for Credit Unions
May 11, 2022Credit unions seeking resources for community development investments are encouraged to participate in a June 2 webinar hosted by the National Credit Union Administration and the Community Development Financial Institutions Fund. Online registration for the webinar is now open.
- Rising Rates Demand NCUA Raise Permissible Interest Rate Ceiling, NAFCU Tells Agency
May 9, 2022NCUA should immediately raise the permissible interest rate ceiling to mitigate unnecessary interest rate risks facing federal credit unions, NAFCU told the agency in a letter.
- League Engages With Senators on Interchange, Overdraft; Urges Lawmakers to Leave Current Systems in Place
May 9, 2022Your League closely monitored two key Congressional hearings last week covering interchange and overdraft protection programs, while also joining with our credit unions and other financial services trades in writing Congress about the dangers and unintended consequences of altering the current regulatory models governing interchange and overdraft programs.
- League, The United Methodist Credit Union Meet with Congressman McEachin
May 6, 2022The Virginia Credit Union League held a very productive meeting with Congressman Donald McEachin (D-4th) on May 5, 2022 at United Methodist Credit Union (TUMCU). VACUL President/CEO Carrie Hunt and TUMCU President/CEO Jim Eads had a very enlightening discussion with the Congressman, discussing the great and innovative work done by TUMCU and other Virginia credit union for their members and communities.
- CUNA, AACUL, Leagues Oppose Any Expansion of Durbin Amendment
May 4, 2022Expansion of the Durbin Amendment to the credit market will lead to less spending power for consumers, CUNA, the American Association of Credit Union Leagues, and all credit union Leagues wrote to the Senate Judiciary Committee Tuesday. The committee is conducting a hearing Wednesday on interchange fees.
- Limiting Overdraft Programs Could Harm Access to Responsible Services
May 4, 2022CUNA strongly objects to legislation, regulation and other government intervention to restrict the ability of credit unions to offer overdraft protection plans that help members resolve short-term financial difficulties, CUNA wrote to a Senate Banking, Housing, and Urban Affairs Subcommittee. The committee conducted a hearing on overdraft fees.
- Democratic senators Take Aim at Zelle and Its Bank Owners Amid Growing Fraud Scrutiny
April 28, 2022Two top Democrats on the Senate Banking Committee are demanding information from the bank-owned parent company behind Zelle detailing the payment network’s efforts to combat customer fraud.