Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- CFPB Director Chopra Statement on Appraisal Task Force Report
March 25, 2022Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra issued a statement yesterday regarding the final report of the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE).
- U.S. Senate Democrats Press Banks to Scrap Overdraft Fees
March 25, 2022A group of U.S. Senate Democrats is pressing large U.S. banks to scrap or significantly reduce overdraft and other fees they charge customers with insufficient funds.
- Declining Mortgage Affordability Quantified in New Index
March 25, 2022Affordability for home buyers decreased in February by 8.3% from the month before, according to a new monthly metric from the Mortgage Bankers Association that quantifies the change resulting from rising interest rates and higher home prices,
- CFPB Expands UDAAP Reach to Include Discrimination
March 25, 2022On March 16, 2022, the CFPB published a revised examination procedure guide (Guide) for unfair, deceptive, or abusive acts or practices (UDAAP). In its press release, the CFPB states that the agency is now targeting discrimination as an unfair practice in connection with all financial products and services and not just credit products. This is a serious change in the CFPB’s stance on UDAAP and discrimination. As such, credit unions may want to review the Guide and their own practices to understand how this change may affect their business.
- Risk Alert (22-RISK-01) Heightened Risk of Social Engineering and Phishing Attacks
March 24, 2022The ongoing conflict in Ukraine has raised concerns about potential cyberattacks in the U.S., including those against the financial services sector. All credit unions and vendors, regardless of size, are potential targets for cyberattacks. Read the Risk Alert
- Biden Warns Private Sector: ‘Harden Your Cyber Defenses Immediately’ and Prepare for Cyberattacks from Russian Government
March 23, 2022In stark language, President Biden urged U.S. businesses to prepare for potential cyberattacks from the Russian Government.
- Cannabis Banking Bill Likely to Pass Senate in 2022 as Democrats Align
March 23, 2022Legislation permitting banks to lend to cannabis companies may finally cross the finish line this year as Senate Democrats align with their House counterparts.
- Another State Bars Credit Union Acquisitions of Banks
March 23, 2022A new Mississippi law effectively prohibits credit unions from buying state-chartered banks. Mississippi joins Iowa and Colorado in banning such deals. Litigation is pending in Tennessee and Nebraska over credit unions' proposed bank acquisitions announced in 2021.
- Credit Unions Vote Relaunches to Increase Member Engagement in Primaries
March 22, 2022CUNA kicked off the 2022 campaign season today by launching the overhauled Credit Unions Vote citizen voting campaign. CUNA has long been a leader in the elections space, and voter mobilization is a critical piece of the 360-advocacy model. Learn more.
- Senate COMPETES Consideration, Other Hearings This Week
March 22, 2022While the House is in recess this week, the Senate will resume consideration of H.R. 4521, the America COMPETES Act of 2022. The bill passed the House in February with the text of the CUNA-League-supported Secure and Fair Enforcement (SAFE) Banking Act.