CURRENT Newsletter | 2 September 2021
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Featured News
- League Hosting Virtual Meeting Sept. 9 with CFPB Staff
- In Win for CUs, House Committee Doesn’t Include Bank-Sought Base Access Provision in NDAA
- IRS Reporting Requirements: Talking Points and Background
- CONNECT Conference Returns Sept. 27-29; Registration Open Until Sept. 26
- Mortgage Loan Originator Training Slated for Sept. 29-30 as Virtual Course
- CFPB Issues Proposal to Collect Small Business Data; League Seeks Member Feedback
- Ignite 2021 Keynoter Brandon Farbstein on 'Stepping Into Your Own Truth'
- League InfoSight Offers Required Training Checklist
- Three Virginia-Based CUs Among CDRLF Grant Recipients
- Credit Union Leaders Make Virginia Business Magazine's Prestigious 'Power List'
- Sept. 15 Webinar: Cyber Insurance - What You Need to Know
- Tidewater Chapter Meets Sept. 9; Registration Ends Sept. 3
- Governance Committee Seeks Candidates for League Board
- Labor Day Closing Sign Available Online
- Risk Alert: ACH Transfer Fee Class Action Lawsuit
- Key Trends in Class Action Litigation – Sept. 15 Webinar
Compliance / Regulatory Affairs
Education & Training
- Online Training for Supervisory Committees
- FinCEN to Host Innovation Hours Program Workshop on Digital Identity Services and Technologies
Financial Services / Economy
Featured News
League Hosting Virtual Meeting Sept. 9 with CFPB Staff
Your League has scheduled a virtual meeting with staff members at the Consumer Financial Protection Bureau for Sept. 9 at 1 p.m.
If you are interested in providing us with feedback regarding agency questions or concerns, please contact your League's David Miles at dmiles@vacul.org. The talking points available here will give you insight into the areas of discussion. We would benefit greatly from your experience in dealing with the issues noted.
In Win for CUs, House Committee Doesn’t Include Bank-Sought Base Access Provision in NDAA
Language to allow banks rent-free access to military installations was not considered during the House Armed Services Committee markup of the fiscal year 2022 National Defense Authorization Act (NDAA) that began Wednesday.
"We're pleased the committee opted not to include the base access provision sought by bankers," noted League President/CEO Carrie Hunt. "Given that this provision does not appear currently in either chambers' version of the NDAA is certainly positive for credit unions, but we also recognize this is a long process and we'll need to remain vigilant."
Your League this week wrote Reps. Elaine Luria (D-2nd) and Rob Wittman (R-1st) -- both members of the Armed Services Committee -- and asked them to oppose the bank-access provision. Last month, your League wrote Sen. Tim Kaine expressing our concerns and making the senator aware of the joint letter forwarded by the Credit Union National Association, the Defense Credit Union Council and the National Association of Federally Insured Credit Unions.
IRS Reporting Requirements: Talking Points and Background
In an effort aimed at increasing taxpayer compliance, the Biden Administration has proposed that financial institutions be required to report additional account holder information in an enhanced annual IRS Form 1099-INT.
Your League and our other industry partners are strongly opposed to any expansion of reporting requirements related to 1099-INTs.
CUNA has produced an issue guide on this proposal, with background information, talking points and its legislative outlook. This will prove helpful to credit unions preparing to engage with lawmakers on this issue.
CONNECT Conference Returns Sept. 27-29
The League’s popular CONNECT Conference is returning Sept. 27-29! Scheduled for the Hilton Downtown Richmond, the conference is designed to help next-generation leaders build their personal and professional brand, elevate their networking and public speaking abilities, understand credit union financials and engage in credit union advocacy efforts.
Mortgage Loan Originator Training Slated for Sept. 29-30 as Virtual Course
In partnership with the Kentucky Credit Union League, we're offering Mortgage Loan Originator Training Sept. 29 and 30. This virtual course is a comprehensive overview of the mortgage lending process. New loan originators, as well as those looking to satisfy their periodic training requirement under Regulation Z, will benefit from attending this course.
To register, contact your League’s mary Amyx at 800.768.3344, ext. 630 or mamyx@vacul.org
CFPB Issues Proposal to Collect Small Business Data; League Seeks Member Feedback
The Consumer Financial Protection Bureau (CFPB) this week proposed a new rule designed to help small businesses gain access to credit.
This rule, mandated by Congress in the Dodd-Frank Act, would, if finalized, require lenders to disclose information about their lending to small businesses, allowing community organizations, researchers, lenders and others to better support small business and community development needs.
“We support the CFPB fulfilling its statutory mandate with the least burden to credit unions," notes Virginia Credit Union League President/CEO Carrie Hunt. "Credit unions have a strong history of small business lending and have demonstrated that with existing reporting and data. We look forward to continuing to grow our small business lending without burdensome requirements and will provide feedback to the CFPB."
Your unique perspective and experience will prove helpful once we identify and review potential issues within the rule.
Ignite 2021 Keynoter Brandon Farbstein on 'Stepping Into Your Own Truth'
We're pleased to welcome Brandon Farbstein as our Nov. 11 keynote speaker at Ignite 2021! Diagnosed with a rare form of dwarfism at the age of two, Brandon stands at 3’9” – making his life’s journey full of adversity, strength and impact.
After feeling invisible and without a purpose for the first 15 years of his life, he suddenly realized his life’s meaning: to change the lens through which people see their world. Five million people across the globe have been inspired by Brandon.
League InfoSight Offers Required Training Checklist
Just a reminder that League InfoSight features a handy checklist outlining required compliance training for credit union employees and officials.
You can access it here. (League password required. Register here if you need a password.)
Three Virginia-Based CUs Among CDRLF Grant Recipients
Three Virginia-based credit unions are among the recipients of NCUA's Community Development Revolving Loan Fund grants: Mosaic Federal Credit Union, Mountain Empire Federal Credit Union and Peoples Advantage Federal Credit Union.
Credit Union Leaders Make Virginia Business Magazine's Prestigious 'Power List'
Five credit union leaders from across the Commonwealth appear in Virginia Business Magazine’s Virginia 500 Power List!
These leaders are making a difference at their credit unions and in their communities.
Congratulations to Jeff Bentley (Northwest Federal Credit Union), Tom Ryan (Langley Federal Credit Union), Chris Shockley (Virginia Credit Union), Mary McDuffie (Navy Federal Credit Union) and James Schenck (Pentagon Federal Credit Union)!
Free Sept. 15 Webinar: Cyber Insurance - What You Need to Know
Protecting your credit union's data is a strategic priority as the threats you face continue to grow. From careless employees to seasoned hackers, those threats are everywhere.
Ensure your credit union is ready for today’s complex risk environment by putting in place a strong cybersecurity and cyber insurance program. This CUNA Mutual Group session on Sept. 15 will provide an overview of the current trends and state of the marketplace for cyber liability insurance.
Attendees will learn the fundamentals of how policies are designed to respond to a data breach scenario as well as common pitfalls that organizations make when utilizing their policies.
Tidewater Chapter Meets Sept. 9; Registration Ends Sept. 3
Kathryn Ryan, of Children’s Hospital of the King’s Daughters, will be the featured speaker and special guest at the Tidewater Chapter's Sept. 9 meeting. The Chapter will be presenting proceeds from its recent golf tournament fundraiser to CHKD, a Children's Miracle Network Hospital. Please note: The venue requires unvaccinated visitors to wear a mask.
Registration/cancellation deadline is Sept. 3, by noon.
Governance Committee Seeks Candidates for League Board
Member credit unions will elect individuals to three seats on the League Board this Fall. The League Governance Committee seeks your recommendations for candidates for two At-Large seats and the Region III seat (Northern Virginia and Central Virginia). Deadline is Sept. 24.
Labor Day Closing Sign Available Online
A reminder that your League provides holiday closing signs for your use. View and download the signs here.
Risk Alert: ACH Transfer Fee Class Action Lawsuit
As more members take advantage of new service offerings by credit unions, such as
ACH transfer services or account-to-account (A2A) / external transfer service, credit
unions may charge fees in order to support these services. However, charging for
these services could lead to litigation.
A class-action lawsuit was filed against Bank of America earlier this year on behalf of
customers who were assessed fees for automated clearinghouse (ACH) transfers.
Key Trends in Class Action Litigation – Sept. 15 Webinar
2020 was a year of upheaval, and while some industries continue to suffer, certain areas of litigation experienced an upswing. In this webinar, you’ll gain litigation insights and hear which loss trends are impacting credit unions throughout the country including:
- Overdraft / NSF Fee Litigation
- Collection Letters (defective post-repossession notices)
- Wage & Hours and FLSA
- Foreign Transaction Fees
- Peer-to-Peer (P2P) Fraud & Reg E
CUNA Mutual Group’s expert Claims and Risk Management panelists will share what’s going on and what you can do to minimize these and other potential disputes before they impact your organization.
Compliance / Regulatory Affairs
Agencies Issue Guide to Help Community Banks Evaluate Fintech Relationships
The federal bank regulatory agencies released a guide intended to help community banks assess risks when considering relationships with financial technology (fintech) companies. Credit unions may find the information helpful.
Education & Training
Online Training for Supervisory Committees
Popular credit union consultant Ancin Cooley has created a web-based course for supervisory committee members, offering the most comprehensive overview of the role, duties, responsibilities and resources available to committee members. The five modules offer you a fun, interactive learning experience with bonus content and even quizzes to test your content retention.
Learn more
Register Now (Your League is offering volume discounts for multiple registrations from the same credit union. Use our registration to ensure you receive the discount.)
FinCEN to Host Innovation Hours Program Workshop on Digital Identity Services and Technologies
The Financial Crimes Enforcement Network (FinCEN) will host a special virtual FinCEN Innovation Hours Program on October 14, 2021, focusing on the important role of digital identity to enhance financial services inclusion while supporting efforts to counter illicit activity that undermine the integrity and opportunity of the US financial system.
Financial Services / Economy
Supreme Court Ruling on Evictions Likely to Put Pressure on Some Members Over Housing; DOJ Weighs in With Plea to Legal Community
Credit unions will need to prepare for at least some members facing housing insecurity and other related issues following a Supreme Court ruling that overruled the Biden administration's newest federal ban on evictions. The ruling came in response to a bid from a group of landlords to block the pandemic-related protections for renters facing eviction in most of the country.
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