Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- CUs, League Host Lawmakers, Officials at Legislative Reception in Harrisonburg
August 9, 2023Forty-five credit union advocates, lawmakers and local officials last night participated in the League's second Legislative Reception of the summer. The Harrisonburg event was hosted by UVA Community Credit Union and drew participants from CommonWealth One Federal Credit Union, DuPont Community Credit Union and Park View Federal Credit Union.
- League Seminar Offers Overview of CU System, Financials, Philosophy
August 8, 2023On Sept. 13 in Richmond, your League will host a special seminar as part of our EMERGE Leadership Certification program. Gain an understanding of what makes credit unions tick and our role in the financial services marketplace, including the financials that drive our success, the philosophy on which our industry was built, and the obligation each of us has in advocating for credit unions.
- Legislative Reception Aug. 8 in Harrisonburg; Roanoke, Richmond, NoVA Later This Month
August 4, 2023Your League and credit unions will host a series of legislative receptions across the Commonwealth, including an event next week (Aug. 8) in Harrisonburg with Congressman Ben Cline and various state lawmakers! Join us in advocating for your credit union and the Virginia credit union system at this event or an event in your area.
- Federal Financial Institutions Examination Council Releases Updates to Bank Secrecy Act/Anti-Money Laundering Examination Manual
August 2, 2023Today the FFIEC issued updates to 6 chapters of their BSA/AML Examination Manual. This was more of an organizational update than a substantive one. In their press release, the Federal Reserve notes that there “were no changes to the regulatory requirements covered by these sections.” Of the six sections that were updated, the one that will pertain most to credit unions is Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity, which covers procedures for 314(a) and 314(b) information sharing.
- Compliance: NCUA Issues Reminder on ECOA Requirements
August 2, 2023NCUA issued a reminder this week that "having a policy or practice of requiring manual underwriting as an exception to automated underwriting systems based on a minimum or maximum age" violates the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B. NCUA issued a Letter to Credit Unions (22-CU-04) in February addressing ECOA Nondiscrimination Requirements, including the prohibited basis variable “age” in their automated underwriting systems.
- Bylaws and Policies: Member Expulsion Part 4
August 1, 2023Welcome back! This is the final installment in our series on the NCUA's Member Expulsion Rule. So far we've covered how to determine if a member's behavior rises to the point of being expellable (Part 1), all of the Notices that you have to send (Part 2), and how the hearing and vote are conducted, as well as how to handle requests for reinstatement (Part 3).
- League President Carrie Hunt Issues Statement on CUNA, NAFCU Merger Announcement
August 1, 2023With the news today that the Credit Union National Association (CUNA) and the National Association of Federally Insured Credit Unions (NAFCU) intend to merge, League President/CEO Carrie Hunt offered her perspective on the potential impact for Virginia’s credit unions.
- Federal Court Halts CFPB Small Business Lending Rule for Some
August 1, 2023Monday, a federal court in Texas delayed the implementation of the CFPB’s small business lending data reporting rule for the bankers’ associations that filed a lawsuit challenging the rule until the Supreme Court rules on the constitutionality of the bureau’s funding structure. The Supreme Court is scheduled to hear arguments for the case Oct. 3.
- CFPB Releases Blog Post Favoring Use of Self-Reported Cash Flow Data in Credit Underwriting
August 1, 2023On July 27, the Consumer Financial Protection Bureau (CFPB) released a new blog post, positing that cashflow data, broadly defined as the various inflows, outflows, and accumulated amounts in a consumer’s checking and savings accounts, may provide lenders with a better picture of a consumer’s ability to repay their loans than using a credit score.
- Voice of CUs Heard on Capitol Hill; Senate Passes NDAA Without Interchange
July 28, 2023The U.S. Senate passed its version of the National Defense Authorization Act (NDAA) for fiscal year 2024 Thursday night without the interchange amendment the credit union industry fought to exclude.