Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- League Showcases Advocacy Efforts, Most-Pressing Issues at Ignite 2022
April 28, 2022Much of our programming at Ignite focused on our legislative and regulatory affairs work on behalf of credit unions, though we also spotlighted the key legislative and regulatory issues confronting credit unions.
- League Writes Sens. Warner, Kaine on Interchange Fee Hearing
April 28, 2022In advance of the U.S. Senate Judiciary Committee's scheduled May 4 hearing on interchange fees, your League has sent letters to Sens. Mark Warner and Tim Kaine explaining the neccessity of these small fees to ensure the safety and security of members’ data and to combat fraud.
- Cryptocurrencies Offer Innovative Possibilities, But Also Pose Risks
April 26, 2022While the strategic path for credit unions may feel unclear, consumer demand for crypto cannot be ignored and the Filene Research Institute's latest report, The Path Forward for Crypto: What Credit Unions Need to Know, offers next steps for credit unions.
- Leagues, CUNA Write Banking Committees in Advance of Hearings with CFPB's Chopra
April 26, 2022Your League has joined with CUNA and our fellow leagues in reaching out via letter to the Senate Banking Committee and House Financial Services Committee in advance of the committees’ hearings with Consumer Financial Protection Bureau Director Rohit Chopra.
- CFPB Invokes Dormant Authority to Examine Nonbank Companies Posing Risks to Consumers
April 26, 2022The Consumer Financial Protection Bureau said Monday it will make more use of its "dormant" authority to conduct supervisory examinations of nonbank companies it believes pose risks to consumers, signaling plans to expand its oversight of firms in the burgeoning fintech sector. Learn more
- CUNA Shares Stance on FHFA’s Re-Proposed Eligibility
April 26, 2022CUNA Senior Director of Advocacy and Council Elizabeth Sullivan spoke Monday at the Federal Housing Finance Agency (FHFA) and Government National Mortgage Association (GNMA or Ginnie Mae) listening session on re-proposed eligibility requirements for both agencies. Sullivan recognized opportunities for the agencies to reduce operational burden on credit unions participating in federal housing-related programs in support of the missions of both agencies to support access to affordable housing. Learn more
- Credit Unions ‘Fit Local Economic Terrain,’ CFPB Recognizes
April 26, 2022Credit unions are among the institutions that offer products and services to fit their communities, the Consumer Financial Protection Bureau (CFPB) wrote in a report released Tuesday on challenges facing rural communities.
- Comments Due on PCA Relief Extension, Digital Currencies
April 25, 2022Comments on several items of relevant to credit unions are due in the next several weeks. For a complete list, visit CUNA’s Letters and Testimonies page. NCUA issued an interim final rule to extend COVID-19 related Prompt Corrective Action (PCA) relief through March 31, 2023. CUNA, the American Association of Credit Union Leagues, and all Leagues wrote to NCUA calling for the extension.
- Beneficial Ownership Regulatory Relief Far From Assured
April 25, 2022The Corporate Transparency Act was supposed to make financial institutions’ anti-money-laundering compliance burdens lighter, but more than a year since the landmark law’s passage, experts say that outcome is far from assured.
- Blowing the Whistle: 2 Reforms to AML Included in New Bill
April 23, 2022Two reforms to the Anti-Money Laundering Act that have been requested by whistleblower advocates are included in a bill recently introduced by Rep. Alma Adams (D-NC).