Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- SAFE Act’s Future Now in Hands of Conference Committee
March 29, 2022It’s once again come down to a conference committee and backroom deals to decide what becomes of the credit union SAFE Banking Act, which would remove many of the federal prohibitions on financial institutions serving cannabis-related businesses.
- Four Virginia Congressional Reps Sign On as Co-Patrons for Marijuana Decriminalization Bill
March 29, 2022Members of Virginia's Congressional delegation have signed on to H.R.3617 (MORE Act) as co-patrons - Reps. Elaine Luria (D-2nd), Bobby Scott (D-3rd), Don Beyer (D-8th) and Gerald Connolly (D-11th). This bill decriminalizes marijuana.
- NAFCU Offers Suggestions on FinCEN Plan to Pilot New Rules Around SARs
March 29, 2022In response to a proposal calling for the establishment of a limited-duration pilot program to give financial institutions the ability to share SARs and SARS-related information with the institution’s foreign branches, NAFCU has written to FinCEN with recommendations.
- CFPB Finds Credit Card Late Fees Fell Slightly in 2020
March 29, 2022Prior to the COVID-19 pandemic, consumers had steadily been paying more in credit card late fees each year—peaking at over $14 billion in 2019. Late fees assessed by issuers declined to about $12 billion in 2020 given record-high payment rates and public and private relief efforts. Even during the pandemic, late fees accounted for over one-tenth of the $120 billion consumers pay in credit card interest and fees annually. In 2021, late fees were on the rise again.
- CFPB Should Study, Appropriately Regulate 'Buy Now, Pay Later' Products
March 28, 2022The Consumer Financial Protection Bureau should carefully examine and regulate “buy now, pay later” (BNPL) companies, CUNA wrote to the Consumer Financial Protection Bureau (CFPB) Friday. The CFPB issued a request for information on BNPL products, following an inquiry into five companies offering the products.
- NCUA Chairman Todd Harper Urges CUs to Consider Changes in Overdraft Landscape
March 28, 2022In a webinar last week, NCUA Chairman Todd Harper noted Overdraft Protection Programs and their related fees are reaching an inflection point. Due to the changing landscape and consumer expectations, credit unions need to begin adjusting their revenue expectations associated with this service.
- CFPB Extends Opportunity for Public to Provide Input on 'Junk Fees' to April 11
March 28, 2022The Consumer Financial Protection Bureau (CFPB) announced Friday that it received a tremendous amount of feedback from its Request for Information on exploitive "junk fees." It also announced it's extending the deadline for the public to share input and stories on their experiences with exploitative junk fees through April 11, 2022. Learn more
- FDIC Advances Bank Merger Proposal
March 28, 2022The Federal Deposit Insurance Corp. has set the wheels in motion to publish its request for information on bank merger policy, putting the policy fight that led to the resignation of former Chair Jelena McWilliams back on the front-burner and eliciting a new round of industry reaction.
- Rep. Stephen Lynch Introduces Bill to Create Treasury-Issued Digital Currency
March 28, 2022Rep. Stephen Lynch, D-Mass., introduced a bill on March 28 that would create a Treasury-issued, hardware-secured digital currency, distinct from a central bank digital currency and capable of offline, peer-to-peer transactions without digital ledgers, blockchain, or accounts.
- 2021 HMDA Data on Mortgage Lending Now Available
March 25, 2022The Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2021 are now available on the Federal Financial Institutions Examination Council’s HMDA Platform for approximately 4,316 HMDA filers.