Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- CFPB Issues Final Rule to Facilitate Transition from LIBOR
December 7, 2021The Consumer Financial Protection Bureau (CFPB) today finalized a rule facilitating the transition away from the LIBOR interest rate index for consumer financial products. The rule establishes requirements for how creditors must select replacement indices for existing LIBOR-linked consumer loans after April 1, 2022.
- Overdraft / NSF Fee Lawsuits Target Reg E’s Model Opt-in Form
December 6, 2021In overdraft / NSF fee lawsuits alleging credit unions improperly charged overdraft and/or NSF fees, plaintiffs’ attorneys have started targeting Reg E’s Model A-9 opt-in form for paying overdrafts from ATM and one-time debit card transactions. Read the CUNA Mutual Group Risk Alert.
- Regulators update BSA/AML Examination Manual
December 6, 2021The Federal Financial Institutions Examination Council (FFIEC) released one new section and updates to three sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual.
- Breaking News! Overdraft, NSF Fees Scrutiny Enhanced by CFPB
December 6, 2021The Consumer Financial Protection Bureau (CFPB) recently communicated that they’ll be enhancing its supervisory and enforcement scrutiny of financial institutions that are heavily dependent on overdraft and non-sufficient funds (NSF) fees. See also: CFPB Takes Aim at Overdraft Fees
- CFPB Takes Aim at Overdraft Fees
December 2, 2021The Consumer Financial Protection Bureau (CFPB) released a report on financial institutions’ reliance on overdraft fees Wednesday. According to the agency, revenues reached an estimated $15.47 billion in 2019. It also said it intends to take "action to restore meaningful competition to this market."
- Small Business Data Collection: Share Your Concerns With CFPB
November 30, 2021As you know, the CFPB recently issued a proposed rule that would require financial institutions to collect and report data on the credit applications of small businesses. The CFPB needs to hear from credit unions on this. TAKE ACTION NOW
- CUs Gear Up for Renewed Fight in Senate Over IRS Reporting Requirements
November 30, 2021Our fight over new IRS reporting requirements continues. While the U.S. House of Representatives recently passed the Build Back Better bill without the IRS reporting requirement, the fight in the U.S. Senate is growing more heated, led, in part, by one of Virginia's own - Sen. Mark Warner. We will need your continued support on this!
- League Supports Marijuana Banking Provisions' Inclusion in NDAA
November 30, 2021Your League has contacted the office of Sen. Tim Kaine to express support for keeping the marijuana banking provisions added by the House in the National Defense Authorization Act for Fiscal Year 2022 (NDAA). Sen. Kaine is a member of the Armed Services Committee. We are keenly interested in the marijuana banking provisions added by the House, given that the Commonwealth is legalizing adult-use cannabis.
- Efforts to Oppose IRS Reporting Requirements' Inclusion in Build Back Better Bill Must Continue, as Senate Looks to Pass Measure by Christmas
November 24, 2021The Build Back Better bill that recently passed the House is now in the Senate. The League is continuing to push to keep the IRS reporting provision out, but Sen. Warner is on the record as supporting the provision.
- House Passes Build Back Better Without IRS Reporting Language
November 22, 2021The House passed the Build Back Better Act Friday without the expanded Internal Revenue Service (IRS) reporting requirements present in early forms of the bill. Credit unions sent more than 800,000 messages in opposition to the requirements, which were left out of the final release of the House bill.