Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- Reminder: Comments Due Jan. 6 on CFPB Small Business Lending Data Collection Proposal
January 3, 2022Comments are due to the Consumer Financial Protection Bureau (CFPB) Jan. 6 on the Bureau’s proposed rule, intended to amend Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) made by section 1071 of the Dodd-Frank Act.
- State Supreme Court Finalizes Legislative Districts
December 30, 2021The Supreme Court of Virginia announced Tuesday that it had unanimously approved legislative maps that will determine districts for the Virginia General Assembly and U.S. of Representatives.
- Woods Rogers: Cybersecurity Case Holds Lessons for CUs
December 22, 2021Under Virginia law, businesses can assume a tort duty to protect personally identifiable information by representing to customers that they carefully safeguard this information. The Supreme Court of Virginia declined to determine whether this holding is correct but may need to revisit this question. In the meantime, businesses should carefully craft statements in privacy notices to avoid assuming a tort duty to protect personally identifiable information.
- IRS Reporting Provisions Not Included in Reconciliation Legislation
December 21, 2021In a win for credit unions, the provision requiring increased financial institution reporting to the Internal Revenue Service was not included in reconciliation legislation unveiled by Congressional leaders.
- NCUA Board Meeting: Good News for CUs with Changes to NOL, Budget; Agency OKs CCULR
December 16, 2021The National Credit Union Administration Board tackled a full agenda today, including a number of high-profile items closely watched by the industry.
- Senate Build Back Better Act Omits IRS Reporting Provision
December 13, 2021The Senate Finance Committee released the tax provisions of the Build Back Better Act Saturday without expanded Internal Revenue Service (IRS) reporting requirements. CUNA, Leagues, credit unions, and members helped keep the expanded requirements out of the House-passed Build Back Better Act.
- Kelly Lay Named Director of the Office of Examination and Insurance
December 13, 2021The National Credit Union Administration today named Kelly Lay, the current Director of the Office of Business Innovation, to be the new Director of the Office of Examination and Insurance.
- NCUA Board Meeting Dec. 16, With Budget, NOL, Final Rules on Agenda
December 10, 2021The NCUA board will consider the 2022 Normal Operating Level and the agency’s 2022-23 budget at its Dec. 16 meeting. It will also vote on final rules related to mortgage servicing assets, complex credit union leverage ratio, and subordinated debt.
- League President/CEO Carrie Hunt Asks NCUA to Reconsider Budget Increases, Consider New Strategies in Supporting CUs
December 9, 2021League President/CEO Carrie Hunt testified yesterday during the NCUA Board's public hearing on its proposed budget for 2022-2023. "Credit unions exist to provide provident credit and everything the agency does has a direct impact on that mission. Every dollar NCUA requires of credit unions is money credit unions cannot deploy for the benefit of their members and communities."
- House Passes NDAA, With Wins, Losses for Credit Unions
December 8, 2021In a win for credit unions, the latest House-passed version of the NDAAdid not include language to allow banks to expand their presence on military bases, whereas credit unions are allowed to maintain a presence nearly rent-free on many bases owing to their not-for-profit status. Unfortunately, the latest version dropped Safe Banking Act provisions, which would allow credit unions to serve cannabis-related businesses in states that have legalized cannabis, and remote online notary provisions. We continue to engage with lawmakers on the bill.