Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- League Files Comment Letter on Complex Credit Union Leverage Ratio; Risk-Based Capital
October 14, 2021Your League will today file its comment letter on NCUA's Complex Credit Union Leverage Ratio - Risk-Based Capital proposed rule. Read the letter
- Gridlock, Dysfunction Hit Redistricting Commission
October 14, 2021For all you watching the twists and turns related to the bipartisan commission redrawing the commonwealth's electoral districts, we thought you might appreciate recent posts and articles related to the commission's ongoing internal battles.
- CUNA Mutual Group: Corporate Check Fraud Report
October 14, 2021A handful of credit unions report their corporate check accounts are being fraudulently used, notes a CUNA Mutual Group release.
- Pelosi Says Expanded IRS Reporting Will Be in Final House Bill
October 13, 2021Speaker of the House Nancy Pelosi (D-Calif.) said Tuesday that language expanding financial institution reporting requirements to the Internal Revenue Service (IRS) would be included when the House takes up its final reconciliation bill. CUNA, Leagues, and credit unions strongly oppose the language, which was not present in the House Ways and Means Committee-passed bill. Contact your lawmakers now through CUNA's Grassroots Action Center!
- Pages From of the Diary of Mrs. C. Hunt - Oct. 13, 2021
October 13, 2021League President/CEO Carrie Hunt's latest "Diary" post features an urgent call-to-action on the IRS Reporting Requirements we've battled against for months in Congress and a preview of Ignite 2021 | the League Annual Meeting (please register if you haven't; early bird discount ends Oct. 15!)
- New Director Rohit Chopra Says CFPB Looking Out for Families, Workers and Communities
October 12, 2021Consumer Financial Protection Bureau Director Rohit Chopra offered his thoughts on the CFPB's role in a post on Tuesday, shortly after being sworn in to lead the organization.
- Next Ginnie Mae Leader must recognize CU mission, structure
October 8, 2021The next president of the Government National Mortgage Association (GNMA, or Ginnie Mae) must understand the unique mission, structure, and operation of America’s credit unions. In August, your League and CUNA both wrote Ginnie Mae, urging the agency to adopt NCUA’s findings regarding credit union capitalization, given that NCUA addresses the risk profile of each institution it examines.
- Increased IRS Reporting ‘Risky and Unnecessary’ for Consumers
October 7, 2021CUNA urged Joint Economic Committee leadership to take a “close look at the dangers” of proposed increased Internal Revenue Service (IRS) reporting requirements. The committee met Wednesday to discuss various funding measure for pending reconciliation legislation. If you haven't yet contacted your lawmaker on this issue, please do so today!
- House Bill Introduced to Prohibit Increased IRS Reporting
October 5, 2021A credit union-supported House bill was introduced Friday that would prohibit the implementation of any expanded Internal Revenue Service (IRS) financial institution reporting requirements. Rep. Ashley Hinson (R-Iowa) introduced the bill, which follows a Senate companion bill introduced last week.
- Vaccine Mandate: Credit Unions Not 'Federal Contractors' Simply Based On NCUSIF Coverage
September 30, 2021Until there is additional guidance such as regulations implementing President Biden's vaccine mandate or guidance from NCUA, there is nothing to state that federally insured credit unions are 'federal contractors' for purposes of the President's COVID-19 Action Plan, note summaries from CUNA and NAFCU.