Blog
- NCUA Posts 2024-2025 Proposed Budget, Sets Nov. 16 Public Briefing
October 26, 2023The National Credit Union Administration’s staff draft budget for 2024–2025 is now available on the agency’s website for review and comment. The draft budget has also been submitted for publication in the Federal Register, and the comment period is open until Nov. 21. Your League has been an active participant in the NCUA's budget review and comment process, providing written comments and testimony from League President/CEO Carrie Hunt.
- League Will Comment on Federal Reserve Board's Proposed Rule for Revision of Debit Interchange Fee Cap
October 25, 2023The Board of Governors of the Federal Reserve (FRB) today proposed a rule that would reduce the debit interchange fee cap contained in Regulation II. “We will carefully examine the Federal Reserve Board’s proposal and submit comments. We know the fraud costs our credit unions are facing continue to mount and we must have fairness in the system,” said League President/CEO Carrie Hunt. “The League remains engaged with policymakers on this issue because we understand the debit interchange fee cap had an impact on every financial institution, not just those issuers with $10 billion or more in assets. We know, too, that the price cap imposed on debit interchange fees is a failed policy that’s had a disastrous impact on the cost and availability of basic banking services, harming low- and moderate-income Americans.”
- NCUA Vice Chair Kyle Hauptman, League’s Carrie Hunt Plan Nov. 8 Virtual Event on Regulation, Agency Issues
October 24, 2023Credit unions: You’re invited to a special virtual event on Nov. 8 with National Credit Union Administration Vice Chairman Kyle Hauptman and League President/CEO Carrie Hunt. Join us for a candid conversation on the issues, regulations and challenges the agency is navigating, and their potential impact on credit unions.
- Regulatory Compliance Weekly Roundup: October 20, 2023
October 20, 2023News, notes and insights from the regulatory compliance world, including highlights of Thursday's NCUA Board Meeting.
- Senate Votes for Resolution to Repeal CFPB’s Small-Business Data Collection Rule; League Noted Issues with Scope, Potential Burden of Rule
October 20, 2023The U.S. Senate on Wednesday voted 53-to-44 in favor of a resolution to repeal the CFPB's small-business data collection rule. The Congressional Review Act resolution is now on its way to the House.
- League Highlights Busy Week of Advocacy Work
October 20, 2023It was another busy week on the advocacy front. From meetings with lawmakers to attending NCUA Board meetings to filing an amicus brief in a critical federal court case involving a Virginia-based credit union, your League was hard at work this week in serving as your champion and chief advocate!
- NCUA Board Receives Cybersecurity Update; Proposed Rules for Insurance Coverage, Fair Hiring Issued
October 19, 2023NCUA Board meeting summary for Oct. 19. Staff provided an update on the state of cybersecurity. The Board issued a proposed rule to amend the NCUA’s regulations governing share insurance coverage, with trust accounts a particular area of focus. The Board also issued a "Fair Hiring in Banking" proposal to incorporate the agency’s “Second Chance” Interpretive Ruling and Policy Statement (IRPS 19-1).
- Following Nomination Hearing for NCUA Board Nominee Tanya Otsuka, League Highlights Key Engagement Issues with Agency
October 19, 2023Tanya Otsuka, a nominee for the National Credit Union Administration Board, was before the Senate Banking Committee today for her nomination hearing. Otsuka was asked a handful of policy questions, general thoughts on financial services law, and the importance of consumer protection. Your League welcomed her nomination last month for the Board seat. "The Virginia Credit Union League looks forward to working with Ms. Otsuka should she be confirmed," said League President/CEO Carrie Hunt. "We are very excited to see how she will bring her talents to the credit union industry."
- League-Supported WaWa Data Breach Settlement Advances; Proves Importance of Merchant Accountability, Interchange Fees
October 18, 2023Last week, a federal judge granted preliminary approval for a settlement in credit unions’ years-long data security breach lawsuit against WaWa convenience stores. Your League was among the many plaintiffs to sign on to the suit in 2020 on behalf of member credit unions. In total, the settlement calls for $28.5 million for credit unions, plus $9 million in attorneys’ fees. An estimated 5,000 financial institutions were affected.
- League Concerned, Engaged as Federal Reserve Considers Lowering Decade-Old Debit Interchange Fee Cap
October 18, 2023Your League is prepared to engage with policymakers following news yesterday that the Federal Reserve is preparing a proposal that would lower interchange fees merchants pay when consumers pay with debit cards. “Technically only the largest financial institutions were subjected to this cap on debit card fees, but we know the cap has had a negative impact industrywide,” said League President/CEO Carrie Hunt. “If the Fed pursues lowering the fee cap, your League stands ready to engage with policymakers and lawmakers during the comment period and during any discussions in Congress. With fraud both a constant and critical concern for credit unions, the interchange battle is vitally important, requiring our vigilance and our engagement.”