Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- DOJ Issues Guidance on ADA Web Accessibility; League Continues Push for 'Clearly Defined' Standard
March 22, 2022The Department of Justice (DOJ) issued guidance last week on web accessibility and the Americans with Disabilities Act (ADA). In addition to plain-language information designed for those without a legal or technical background, the guidance reviews the department’s ongoing work to advance website accessibility.
- CAMELS Rating System Changes Effective April 1
March 21, 2022Changes to NCUA’s rating system change to CAMELS—from CAMEL—starting April 1. Credit unions with examinations beginning on or after April 1 will fall under the new system.
- BREAKING NEWS: Virginia's COVID Workplace Safety Standard Revoked
March 21, 2022Today, the Virginia Safety and Health Codes Board met in Richmond to approve revocation of the Commonwealth’s workplace safety standard to prevent COVID-19. There have been several meetings of the Board in 2022 leading up to this conclusion, but the vote at Monday’s meeting underscored a final finding that “based on scientific and medical evidence that the current widespread variants of the virus no longer constitute a grave danger to employees in the workplace." The standard will be revoked immediately upon publication in a newspaper of general circulation published in Richmond, which is proposed to occur on March 23, 2022.
- Biden Signs Omnibus Bill with Banking Provisions
March 18, 2022President Biden has signed the $1.5 trillion omnibus spending bill into law, including two provisions tracked by the banking industry. The first is a legislative fix for the London interbank offered rate. The other is a measure that would impose new requirements on banks and other businesses to report significant cyber incidents and ransom payments to the federal government.
- CFPB Expands its Authority to Punish FIs for Discrimination
March 18, 2022The Consumer Financial Protection Bureau has declared that discrimination associated with any financial product — not just credit — is illegal. The CFPB on Wednesday said for the first time that discrimination on the basis of age, race or sex — regardless of intent — violates the federal prohibition on “unfair, deceptive or abusive acts or practices." It vowed to use its UDAAP enforcement authority to root out discrimination in all consumer financial segments.
- NCUA Board Member Rodney Hood Discusses Personal, NCUA Priorities at Tidewater Chapter Meeting
March 10, 202270 representatives from Tidewater Chapter credit unions welcomed NCUA Board Member Rodney Hood to the Commonwealth today.
- BREAKING NEWS: Landmark FOM bill introduced in wake of CUNA GAC
March 9, 2022The CUNA/League-supported Expanding Financial Access for Underserved Communities Act was introduced by House Financial Services Committee Chair Rep. Maxine Waters, D-Calif., Wednesday. The bill would be the first significant overhaul of the Federal Credit Union Act since 1998 and would make several updates to credit union field of membership and member business lending requirements, including addressing credit unions’ ability to serve underserved and marginalized communities.
- Regulators Expect to Release CRA Revamp as Soon as This Month
March 8, 2022Regulators expect to release CRA revamp as soon as this month.
- Register Now for Call Report, CAMELS Webinars on March 8, 10
March 8, 2022This week, the NCUA is hosting two informative webinars on changes to the NCUA’s Call Report and CAMELS rating system.
- Reps Introduce Bipartisan FCU Act Update
March 4, 2022Reps. Juan Vargas (D-Calif.) and Anthony Gonzalez (R-Ohio) Tuesday introduced the CUNA-League supported Credit Union Board Modernization Act (H.R. 6889), to update the Federal Credit Union Act by modifying the requirement that credit union boards meet once a month to not less than six times per year.