CURRENT Newsletter | January 3, 2023

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League to Attend Events in Washington as 118th Congress Begins

League President/CEO Carrie Hunt and Chief Advocacy Officer JT Blau will travel to Washington this week to meet with Virginia's Congressional Delegation and participate in receptions for new members of the legislature.

The 118th Congress is underway, though with some drama as Republicans, who hold the majority in the House, failed to elect a Speaker today.

“Each session of Congress brings new opportunities and challenges, and with this session, engagement will take on a new level of importance given the thin majorities for Democrats in the Senate and Republicans in the House," said League President/CEO Carrie Hunt. "With the support of our credit unions, our advocacy work will remain laser-focused on measures that empower credit unions to serve their members, thrive in today's ever-evolving marketplace, and which address our increasingly burdensome regulatory environment."

CU Day at the General Assembly: Our Premier State-Level Advocacy Event Returns Jan. 19!

Credit Union Day at the Virginia General Assembly returns Jan. 19 and we need you in Richmond! We're looking for at least 200 credit union champions to join us as we educate state lawmakers about the "Credit Union Difference" and fight for credit union-backed legislation. Note: We have rooms reserved at the Hilton downtown (night of Jan. 18) for those interested! Contact your League’s CeJae Vtipilson at cvtipilson@vacul.org for details.

Learn more and register

Special Elections Set for Jan. 10

A reminder: Voters will go to the polls on Jan. 10 for special elections in the following districts: 7^th Senate District (Norfolk/Virginia Beach); 24^th House District (Amherst/Augusta/Bath, etc.), and the 35^th House District (Fairfax County). Your League is anticipating a busy General Assembly session, and we’ll be watching these special elections closely as we work to advance our agenda.

Learn more

Bankruptcy, Collection Webinars Set for Jan. 18-19; Register Now

Join credit union attorney and collections consultant, David Reed, for an exciting virtual training event as he highlights the latest techniques, tips and trends to maximize your collections function in the “new world order.” Note: Flat-free registration covers all attendees from your credit union!

Learn more and register (Registration for this event is being coordinated by the Kentucky Credit Union League.

Congressional Committee Releases New CU Tax Exemption Cost Estimate

The Congress tax scorekeeper recently estimated that between 2022 and 2026, the credit union tax exemption will cost the federal government $14.4 billion. The report from the Joint Committee on Taxation follows a Treasury Department report from November that estimated the credit union tax exemption will cost $15.36 billion during that same time period.

Note: The Credit Union National Association (CUNA) estimates that credit unions provided $13.5 billion in direct financial benefits to the nation’s 132,311,205 members during the 12 months ended Sept. 2022. Estimated total benefits of credit union membership are calculated by accounting for differences in credit union and bank pricing.

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Other News of Note

• Chartway Congratulates Board Members Sauer, Price
• Podcast: CUNA/Leagues 2023 advocacy agenda
• Virginia Law to Protect Personal Data Now in Effect
• Crowded out: Elections Overshadow 2023 State Legislative Agenda
• $1.7T Omnibus Funds Federal Government Through September 2023; Includes Some CU Measures
• NCUA Chair Responds to What Was In, Not In, Omnibus Package; Doesn't Want to Say 'I Told You So'
• Big Changes in Retirement Plans, Savings for Americans & Employers Included in New Fed Spending Package
• Payments Legislation to Watch in a Divided 2023 Congress
• CFPB Issues Report on TransUnion, Experian, and Equifax
• Loan Balances Up Again Through October, But Lending Forecast is Somewhat Mixed in New Trends Report
• Data Show Buy Now, Pay Later is Mostly Growing Now, Not Later and Was Big Driver of Holiday Sales
• NCUA: Register Now for the Jan. 5 Webinar on the Credit Union Diversity Self-Assessment
• New Year, New Requirement: CUs With Offices in California Will Need to Disclose NSF, OD Income in 2023