Blog
- Cannabis Banking Bill Likely to Pass Senate in 2022 as Democrats Align
March 23, 2022Legislation permitting banks to lend to cannabis companies may finally cross the finish line this year as Senate Democrats align with their House counterparts.
- Another State Bars Credit Union Acquisitions of Banks
March 23, 2022A new Mississippi law effectively prohibits credit unions from buying state-chartered banks. Mississippi joins Iowa and Colorado in banning such deals. Litigation is pending in Tennessee and Nebraska over credit unions' proposed bank acquisitions announced in 2021.
- Credit Unions Vote Relaunches to Increase Member Engagement in Primaries
March 22, 2022CUNA kicked off the 2022 campaign season today by launching the overhauled Credit Unions Vote citizen voting campaign. CUNA has long been a leader in the elections space, and voter mobilization is a critical piece of the 360-advocacy model. Learn more.
- Senate COMPETES Consideration, Other Hearings This Week
March 22, 2022While the House is in recess this week, the Senate will resume consideration of H.R. 4521, the America COMPETES Act of 2022. The bill passed the House in February with the text of the CUNA-League-supported Secure and Fair Enforcement (SAFE) Banking Act.
- DOJ Issues Guidance on ADA Web Accessibility; League Continues Push for 'Clearly Defined' Standard
March 22, 2022The Department of Justice (DOJ) issued guidance last week on web accessibility and the Americans with Disabilities Act (ADA). In addition to plain-language information designed for those without a legal or technical background, the guidance reviews the department’s ongoing work to advance website accessibility.
- CAMELS Rating System Changes Effective April 1
March 21, 2022Changes to NCUA’s rating system change to CAMELS—from CAMEL—starting April 1. Credit unions with examinations beginning on or after April 1 will fall under the new system.
- BREAKING NEWS: Virginia's COVID Workplace Safety Standard Revoked
March 21, 2022Today, the Virginia Safety and Health Codes Board met in Richmond to approve revocation of the Commonwealth’s workplace safety standard to prevent COVID-19. There have been several meetings of the Board in 2022 leading up to this conclusion, but the vote at Monday’s meeting underscored a final finding that “based on scientific and medical evidence that the current widespread variants of the virus no longer constitute a grave danger to employees in the workplace." The standard will be revoked immediately upon publication in a newspaper of general circulation published in Richmond, which is proposed to occur on March 23, 2022.
- 2022 Bill Dawson VACUPAC Golf Tournament
March 20, 20222022 Bill Dawson VACUPAC Golf Tournament set for June 2. Golfers and sponsors needed!
- Biden Signs Omnibus Bill with Banking Provisions
March 18, 2022President Biden has signed the $1.5 trillion omnibus spending bill into law, including two provisions tracked by the banking industry. The first is a legislative fix for the London interbank offered rate. The other is a measure that would impose new requirements on banks and other businesses to report significant cyber incidents and ransom payments to the federal government.
- CFPB Expands its Authority to Punish FIs for Discrimination
March 18, 2022The Consumer Financial Protection Bureau has declared that discrimination associated with any financial product — not just credit — is illegal. The CFPB on Wednesday said for the first time that discrimination on the basis of age, race or sex — regardless of intent — violates the federal prohibition on “unfair, deceptive or abusive acts or practices." It vowed to use its UDAAP enforcement authority to root out discrimination in all consumer financial segments.