CURRENT Newsletter | 14 December 2021 - Virginia Credit Union League

League President/CEO Carrie Hunt testified yesterday during the NCUA Board's public hearing on its proposed budget for 2022-2023. "Credit unions exist to provide provident credit and everything the agency does has a direct impact on that mission. Every dollar NCUA requires of credit unions is money credit unions cannot deploy for the benefit of their members and communities."

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NCUA Board Meeting Dec. 16, With Budget, NOL, Final Rules on Agenda

The NCUA board will consider the 2022 Normal Operating Level and the agency’s 2022-23 budget at its Dec. 16 meeting. It will also vote on final rules related to mortgage servicing assets, complex credit union leverage ratio, and subordinated debt.

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League Receives Reply from DOLI on Vaccine Mandate Question

The state Department of Labor and Industry has replied to a League letter 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.

DOLI notes that it is consulting with the Office of the Attorney General on the question we posed related to testing costs. Once a response is received, a Frequently Asked Question will be posted to the DOLI webpage covering the ETS.

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League Announces Staff Departures, Promotion

Your League will bid farewell to two valued members of our team this month, with Senior Vice President/Chief Advocacy Officer David Miles retiring and VP/CFO R.B. Martin joining the faculty at Liberty University. David will officially retire from the League Dec. 31. R.B.’s last day with the League is Dec. 15. The League will welcome a new Director of Government Affairs in the coming weeks; Karima Freeman, Supervisor of Branch Accounting for CUSCVA, has been promoted to Chief Accountant for the League.

“We salute David and R.B. for the decades of service they provided the League and our industry, and for their contributions to our collective success,” said League President/CEO Carrie Hunt. “It’s impossible to sum up their many achievements, but it’s obvious their decades of dedicated service had a profound impact on the Commonwealth’s credit unions and their fellow League staff members.”

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Senate Build Back Better Act Omits IRS Reporting Provision

The Senate Finance Committee released the tax provisions of the Build Back Better Act Saturday without expanded Internal Revenue Service (IRS) reporting requirements. CUNA, Leagues, credit unions, and members helped keep the expanded requirements out of the House-passed Build Back Better Act.

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Overdraft, NSF Fees Scrutiny Enhanced by CFPB

The Consumer Financial Protection Bureau (CFPB) recently communicated that they’ll be enhancing its supervisory and enforcement scrutiny of financial institutions that are heavily dependent on overdraft and non-sufficient funds (NSF) fees.

Credit unions have already been facing challenges in the form of class action litigation related to overdraft / NSF fees dating back to 2012. Law firms continue to send demand letters threatening a lawsuit and/or filing a lawsuit against credit unions alleging members were improperly assessed overdraft and/or NSF fees.

Voluntary Credit Union Diversity Self-Assessment Due Jan. 15

Federally insured credit unions: Please complete the Voluntary Credit Union Diversity Self-Assessment before Jan. 15, 2022. The self-assessment is a valuable tool for credit unions that want to commit to the principles of diversity, equity, inclusion, and belonging.

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Partner Attorneys Earn ‘Legal Elite’ Honors

Woods Rogers attorneys Victor Cardwell and Tom Winn made Virginia Business Magazine’s “Legal Elite” for 2021 in the Labor/Employment specialty. Both gentlemen are frequent speakers at our education events and employment law webinars, with Tom also helping coordinate our HR Hotline, a dues-supported service of the League. Congrats to both!

Advocacy / Governmental Affairs

Senate Poised to Raise Debt Limit by $2.5T, Avoiding Default

The Senate was poised Tuesday to lift the nation's debt limit by $2.5 trillion under a deal struck between party leaders, defusing a volatile issue until after next year's midterm elections while saddling majority Democrats with a tough vote.

The vote comes just one day before a deadline set by Treasury Secretary Janet Yellen, after which the nation would be at risk of a crippling default.

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Compliance / Regulatory Affairs

CFPB Fall 2021 Rulemaking Agenda

CFPB published its Fall 2021 Agenda as part of the Fall 2021 Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget (OMB). The Agenda lists the regulatory matters that CFPB plans to pursue during the period from Nov. 1, 2021 to Oct. 31, 2022. The complete Unified Agenda is available to the public at the following website: http://www.reginfo.gov.

Many FI Websites Fall Short of ADA Requirements

A recent audit of U.S. banks’ websites found that many fail to meet basic standards of accessibility by people with disabilities.

The need to make websites and mobile apps accessible has never been greater, as people with physical impairments have been heavily dependent on websites and mobile apps during the pandemic. And lawsuits against companies whose sites don’t meet legal requirements for people with disabilities are on the rise: UsableNet estimates that 4,195 digital accessibility suits will be filed in 2020, up from less than 2,900 in 2019. (American Banker, Dec. 13)

Financial Services / Economy

Will the Housing Market Continue its Hot Streak in 2022?

Homebuyers and sellers are eagerly looking ahead to the 2022 housing market. Will the market continue its streak of strong growth, or are we finally about to see a slow down?

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News From Chapters

Tidewater Chapter to Host Discussion of HR Issues at Jan. 13 Meeting

The Tidewater Chapter will host an HR panel discussion on the “Great Resignation.” Our panel of experts will share their thoughts on winning the war for talent, including successful recruitment and retention strategies. Date and Time: Jan. 13, 6 p.m. social; 6:30 p.m. dinner. Cost: $40 per person. To register, contact Sue Richardson at srichardson@bayportcu.org.

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News From Credit Unions

Hampton Roads Educators Credit Union Wins National Awards

Hampton Roads Educators Credit Union (HRECU) received national recognition as a 2021 recipient of the Credit Union National Association’s (CUNA) Dora Maxwell Social Responsibility Community Service Award and the Louise Herring Philosophy-in-Action Member Service Award.

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Hampton Roads Educators Credit Union Awards Financial Literacy Grants to Local Teachers

Hampton Roads Educators Credit Union awarded four grants of $150 each to assist educators teaching financial literacy to elementary, middle, and high school students. The grants will help support current or new classroom projects that focus on financial literacy.

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Northwest FCU Becomes Top HomeAdvantage Producer

HomeAdvantage has recognized Virginia-based Northwest Federal Credit Union as a top producer of member savings through its real estate program.

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