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CURRENT Newsletter | January 31, 2023

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House Passes CU Board Modernization Bill; Rep. Griffith Among Co-Sponsors

H.R. 582, the Credit Union Board Modernization Act, passed the U.S. House today on a voice vote. Rep. Morgan Griffith (R-9th) signed on to the measure as a co-sponsor.

"We appreciate the House’s vote on this measure so early in the session and Congressman Griffith's support. If enacted, this measure would modernize an outdated board meeting requirement and promises to reduce the regulatory burden on eligible credit unions," noted Virginia Credit Union League President/CEO Carrie Hunt.

Prior to the vote, your League reached out to every member of our House delegation seeking support for the measure.

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Related: House passes CUNA, League-led board modernization bill

Virginia Business Article Highlights League’s Advocacy Work

The latest issue of Virginia Business magazine features a lengthy article on the advocacy work of credit unions and the League to enhance the credit union charter. Featured prominently in the article is League President/CEO Carrie Hunt, who notes our efforts to address field-of-membership issues, including an easier path for credit unions to reach underserved areas; authority for credit unions to hold municipal deposits; credit unions’ ability to offer virtual currency services; and clarity surrounding financial institutions’ ability to serve legal cannabis businesses.

Chartway Credit Union CEO Brian Schools was also interviewed for the article, noting other issues of keen interest to credit unions – cybersecurity and fraud.

Read the article

State Senate Committee Kills League-Opposed PACE Loans Bill for Residential Dwellings

League Chief Advocacy Officer JT Blau testified today before the state Senate's Local Government Committee in opposition to a bill extending PACE loans to residential dwellings. The Committee killed the bill for this year though chief patron Sen. Chap Peterson said he would revisit the issue in preparation for the next General Assembly session, likely offering the measure as a separate code section. Our chief concern, noted Blau, is the lack of consumer protections related to such loans. Well-publicized issues of bad actors in other states providing such loans should give lawmakers pause.

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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 Writes All State Lawmakers in Support of Key Bills

In a letter yesterday to every member of the General Assembly, your League outlined three priority pieces of legislation for credit unions. The letter noted our support of the following measures: credit unions’ virtual currency custody services bill (HB 1727); legislation codifying the Virginia CDFI Program (HB1411 / SB1320) and companion bills covering requests for information from financial institutions in guardian ad litem cases (HB2063 / SB1144).

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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 to 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

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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NCUA Releases New Updated CECL FAQs, Simplified CECL Tool

The NCUA has released updates to its frequently asked questions on the current expected credit losses (CECL) accounting standard and its Simplified CECL Tool.

Visit The Simplified CECL Tool page to download the latest version of the CECL Tool. Review the Frequently Asked Questions, User Guide, and Model Development Document located on the same webpage to better understand how the tool can work.

CUs, Banks Say CFPB's Data Access Rule Ratchets Up Liability Risks

Banks and credit unions are raising concerns about data security risks and oversight of third-party partners as the Consumer Financial Protection Bureau crafts rules around how much control consumers have over their own financial data.

The CFPB is in the midst of writing a rule that will determine how financial institutions make data available to consumers on request. FIs say the rule could create an uneven playing field because financial firms are supervised and examined by regulators for compliance with consumer protection laws while hundreds of large technology and nonbank fintechs are not. The explosive growth of data aggregation services has created risks for consumers that could result in uneven enforcement, banks say. (American Banker)
Related: Public Comments on the CFPB’s Proposed Section 1033 Data Access Rule

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