Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- CFPB Seeks Information on HMDA Regulations
November 22, 2021The Consumer Financial Protection Bureau (CFPB) has issued Request for Information on the implementing regulations for the Home Mortgage Disclosure Act (HMDA). According to the CFPB, it plans to review recent changes and evaluate their effectiveness with the goal of identifying discrimination in the market.
- NCUA Board Seeks Input on 2022-2023 Budget; Passes Shared Facilities Rule
November 18, 2021In a meeting today, the National Credit Union Administration Board passed a final rule providing multiple-common-bond federal credit unions additional flexibility in adding underserved areas; discussed its proposed budget; noted the forthcoming release of its strategic plan; and discussed the status of the NCUSIF.
- Virginia House Control in Limbo; Recounts Sought in 2 Races
November 17, 2021Two incumbent Democrats who trail Republican challengers in close races in Virginia’s House of Delegates announced Tuesday that they will seek recounts, leaving control of the chamber in limbo.
- CU-Supported Member Governance Bill Passes Committee
November 17, 2021CUNA wrote in support of two bills prior to the House Financial Services Committee markup Tuesday. The CUNA-supported Credit Union Governance Modernization Act (H.R. 2311) passed the committee unanimously by voice vote. H.R. 2311 would modernize the member expulsion process. H.R. 5911 would expand employment opportunities at banks and credit unions by reducing barriers to employment based on past minor criminal offenses.
- League Writes State Agency Over Costs Associated With COVID Testing
November 17, 2021Your League is today submitting a letter to the Virginia Department of Labor and Industry, asking that costs associated with COVID testing under the federal Occupational Safety and Health Administration's (OSHA) Emergency Temporary Standard not be borne by those state's employers that would fall under the ETS.
- CFPB Seeks Input on Detecting Discrimination in Mortgage Lending
November 17, 2021The Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) on Nov. 16, seeking input on rules implementing the Home Mortgage Disclosure Act (HMDA). Information sought by CFPB includes the operational and compliance costs associated with the HMDA Rule, plus the institutions covered by the rule.
- NCUA, CFPB Rescind COVID Flexibilities in Mortgage Servicing Disclosures
November 16, 2021Last week, NCUA, CFPB and other federal financial institution regulatory agencies issued a joint statement stating that the supervisory and enforcement flexibility issued April 3, 2020 is no longer necessary.
- NCUA Board to Consider Shared Facility Rule at Nov. 18 Meeting
November 16, 2021The NCUA Board will vote on the field-of-membership shared facility final rule at its Nov. 18 meeting. CUNA and your League support the shared facility rule as proposed, which would amend the chartering and field-of-membership rules to modernize requirements related to service facilities for multiple-common-bond federal credit unions.
- Reg Comment Call: NCUA Call Report
November 16, 2021NCUA plans a significant overhaul of the Call Report, proposing a restructuring to streamline the schedules, retire obsolete account codes, and accommodate the Risk-Based Capital Ratio Calculation schedule. Revisions are attributed to adding schedules for Off-Balance Sheet Exposures and the Risk-Based Capital Ratio Calculation. These changes are significant. Comments are being accepted until Nov. 26, 2021.
- HFS Committee to Mark Up Bipartisan Governance Modernization Bill Today
November 16, 2021The House Financial Services Committee (Committee) is expected to mark up a bipartisan League-supported CU governance modernization bill today, Tuesday, Nov. 16 at 10 a.m. (Eastern). The bill seeks to modernize certain processes regarding the expulsion of federal credit union members for cause. Learn more