Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- League's Comment Letter to CFPB on Fees: CUs' Fees Represent Cost of Doing Business, Some Fees Already Regulated
April 11, 2022We filed a comment letter today noting our concerns that the CFPB is attempting to move the financial service market towards a regime where all fees are included in the cost of credit. We believe this major market shift requires significant study, given that it would have a negative impact on credit unions and their members.
- CFPB Director Chopra Addresses Community Bank, Credit Union Advisory Councils
April 11, 2022The Consumer Financial Protection Bureau (Bureau) held a joint meeting of its Community Bank Advisory Council and Credit Union Advisory Council last week. "Restoring relationship banking in the age of digitization is a key priority for the CFPB," Chopra said. "How can we preserve the benefits of local knowledge and direct customer relationships in a world where scale and automation feel like a business imperative to remain viable? How do we make sure that technology can be a vehicle to create more competitive intensity, rather than reinforce the power of dominant incumbents?" Learn more
- Carrie's Latest Blog Post: Dolly Parton, Overdraft Programs and the Credit Union Mission!
April 8, 2022Dolly Parton, Overdraft Programs and the Credit Union Mission! In her latest blog post, League President/CEO Carrie Hunt discusses the lessons we can learn from Dolly in staying on brand -- in particular, the importance of staying on brand in the face of growing attacks on overdraft protection programs and fee income, in general. Lawmakers and regulators intitially targeted big banks and their well-documented abuses. Unfortunately, we're being unfairly tarred with the same brush ...
- League Notes Member Demand, Benefits of CUs' Overdraft Protection Programs
April 8, 2022Your League has filed a letter for the record with the House Financial Services Subcommittee on Consumer Protection and Financial Institutions, following a hearing last week on overdraft protection programs.
- Yellen Calls for 'Comprehensive' Crypto Regulations
April 7, 2022Treasury Secretary Janet Yellen outlined the Treasury Department’s approach to regulating digital assets, marking the first time she’s substantially laid out her thoughts on the issue since President Biden’s executive order last month.
- Toomey Unveils Stablecoin Bill Granting OCC Authority for Payments Charter
April 7, 2022The top Republican on the Senate Banking Committee unveiled legislation that would create a new federal license for stablecoin issuers and set baseline standards for consumer protection.
- Big Changes for Credit Union Financial Reporting in 1Q2022
April 6, 2022Credit unions are facing hundreds of changes to their financial reporting in the first quarter of 2022, as a call report restructured by the National Credit Union Administration takes effect.
- Letter to Credit Unions (22-CU-06) NCUA to Begin Phase 2 of Resuming Onsite Operations
April 5, 2022Based on new guidance from the Centers for Disease Control and Prevention (CDC) and the Safer Federal Workforce Task Force, the agency will enter the second phase (Phase 2) of resuming its onsite operations on April 11, 2022. Phase 2 permits NCUA staff to volunteer to work onsite, including conducting examination and supervision work at credit unions located in counties with low or moderate COVID-19 community levels. Read the Letter to Credit Unions
- NCUA Should Issue Succession Planning Proposal as Guidance
April 5, 2022CUNA supports the overall objective of NCUA’s succession planning proposal but feels the provisions would be more appropriate as guidance than regulation, it wrote to NCUA Monday. The proposal would require federal credit union boards of directors establish and adhere to process for succession planning for key positions.
- NCUA Final Rule on 'Service Facility' Definition
April 4, 2022NCUA issued a Letter to Federal Credit Unions (22-FCU-02) on the final rule amending the definition of “service facility” for multiple common-bond credit unions. The rule became effective Dec. 27, 2021. The final rule provides that shared locations are service facilities for purposes of multiple common-bond federal credit union additions of groups, regardless of whether the federal credit union has an ownership interest in the shared branching network providing the locations,” the letter reads.