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CURRENT Newsletter | January 27, 2023

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Reps Introduce Bipartisan Credit Union Board Modernization Act

In a letter this week to members of Virginia's Congressional delegation, your League asked for support of H.R. 582, the Credit Union Board Modernization Act. Reps. Juan Vargas, D-Calif., and Bill Huizenga, R-Mich., introduced the CUNA-League-led bill that would update the Federal Credit Union Act by modifying the requirement that credit union boards meet once a month to not less than six times per year.

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League's Blau Testifies on Bill That Sought to Prohibit Many Companies from Pulling Credit Reports on Job Applicants

League Chief Advocacy Officer JT Blau testified on credit unions' behalf this week on a bill (HB2116) that would prohibit employers from pulling credit reports on prospective hires. The bill had a few exemptions built-in for jobs requiring security clearance and for SEC-regulated companies, but did not extend an exemption to financial institutions.

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League Tracking Dozens of Bills, As General Assembly Session Approaches Mid-Point

Each year your League combs through the thousands of bills introduced in the Virginia General Assembly looking for potential impact on credit unions and their operations. It’s a critical component of our work on your behalf as we look for protect credit unions from harmful legislation and support measures that advance the credit union charter or provide new opportunities to serve members and our communities.  Click here for the list of bills we’re monitoring.

IGNITE 2023 | Annual Meeting Schedule Announced

We’re pleased to announce our schedule of events for IGNITE and the League Annual Meeting! View it here.

Registration is now open for IGNITE 2023 | the League Annual Meeting! Our host hotel – Williamsburg Lodge – is also accepting reservations.

Related: League Announces 2023 Events, Education Calendar

NCUA Board Maintains 18% FCU Interest Rate Cap

The National Credit Union Administration Board today extended by unanimous vote its temporary 18 percent interest rate ceiling until Sept. 10, 2024, though the Board pledged to revisit this issue at its Board meeting in April of this year.

“We were pleased to hear that the idea of a floating cap will be given due consideration when the Board revisits this issue in a few months,” noted Virginia Credit Union League President/CEO Carrie Hunt. “Your League is supportive of instituting a floating cap, if determined to be legally permissible. A floating cap would modernize this process and spare the NCUA Board from revisiting this issue every 18 months.”

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League Announces Scholarship Availability for Southeast CUNA Management School

Registration is now open Southeast CUNA Management June 18 – 23, 2023 in Athens, GA. Your League is now accepting scholarship applications for the school for interested attendees from credit unions with less than $250 million in assets. The 2023 session is set to provide new and returning students with an exciting year of training, networking and knowledge that will help them progress through the program and at their respective credit unions.

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Zest AI Loves Credit Unions ... and They're Ready to Prove It By Helping You With Community Projects!

We understand that credit unions not only serve their members financially, they also strive to support their communities in infinite ways. Our goal is to shine a spotlight on these efforts. Zest would like to highlight the amazing service projects credit unions are doing. This would involve Zest employees coming on-site to help. We really want to get in there with the rubber gloves and all.

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