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CURRENT Newsletter | July 25 2022

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Sen. Tim Kaine Signs on as Co-Sponsor of CU Legislation

Sen. Tim Kaine has signed on as a co-sponsor of S.4325, the Credit Union Board Modernization Act. Sen. Kaine's support of this measure is a direct result of our advocacy efforts and we appreciate the good work of credit unions who helped keep this issue in front of the senator.

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League President/CEO Carrie Hunt Hosting July 27 Virtual Meeting for Members CUs

Join League President/CEO Carrie Hunt on July 27 for a special virtual meeting on your League's recent initiatives, including updates on advocacy, business solutions and our collaborative endeavors. We also want to hear from you!

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League Hosting Legislative Receptions Across the Commonwealth; Register Now

Your League is hosting legislator receptions across the Commonwealth next month. These events are free to attend, but we do ask that you register to aid us in planning. Dates: Richmond (Aug. 4); Roanoke (Aug. 17); Shenandoah Valley (Aug. 18); Hampton Roads (Aug. 23). We also plan to host a Northern Virginia event in early September; details coming soon.

Register

SAVE THE DATE! IGNITE2023 Set for May 24-26 in Williamsburg

Mark your calendars … IGNITE2023 | League Annual Meeting is set for May 24-26 in Williamsburg! The Williamsburg Lodge will serve as our host hotel. Stay tuned for additional details …

League’s Growth Conference Sept. 14-16 in Virginia Beach

We’re all seeking sustainable growth at our credit unions but staying ahead of the curve and the competition is increasingly difficult. So, we’ve curated our Growth Conference programming specifically for those focused on the growth and viability of their credit union – whether that role encompasses lending, marketing, business development, member service, revenue generation, community outreach, IT or operations.

Register

House Version of NDAA Gives NCUA Third-Party Oversight Authority; League Opposes Expansion of NCUA Authority

While the credit union trade associations have hailed House passage of the National Defense Authorization Act because it includes amendments backed by CUs, getting less attention with last week’s passage is the fact the bill would also give NCUA oversight of third-party vendors. Your League remains engaged on this issue and other provisions of interest to credit unions in the NDAA as the Senate begins its work on the legislation.

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League Compliance Update - Video and PowerPoint Resources

League Compliance Hotline Attorney Jay Spruill (Woods Rogers Vandeventer Black law firm) recently outlined credit unions' most-pressing regulatory compliance issues and the emerging trends and topics that need to be on your radar.

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Virtual IRA Training Set for Oct. 25-26

Join the highly skilled trainers from Ascensus for virtual IRA Training on Oct. 25 & 26. Take advantage of both Essentials & Advanced sessions! Whether you are new to IRAs or an experienced administrator wanting an update, you'll find the training you need.

Register (Our friends at the Mississippi Credit Union Association are hosting registration.)

NCUA Adjusts ONES Supervision Threshold; Issues Cyber Incident Proposal

The NCUA board approved its final asset threshold supervision rule and issued a proposal on cyber incident reporting at its meeting Thursday. The board also heard a briefing on the 2022 mid-session budget.

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House Committee Passes Remote Online Notary Legislation

The House Energy and Commerce Committee passed the Securing and Enabling Commerce Using Remote and Electronic Notarization Act of 2021 (H.R. 3962). A bipartisan group of Virginia lawmakers had signed on in support of the measure.

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Dems Urge CFPB To Bolster Payment App Fraud Protections

A group of Democratic senators is calling on the Consumer Financial Protection Bureau to push banks to shoulder more liability for fraud that occurs on peer-to-peer payment platforms like Zelle, arguing that consumer protections around electronic payments need to be updated for the digital age.

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Related: CFPB Readies Guidance on Money-Transfer Scams

Crypto-Regulation Bill Unlikely to Get Senate Vote This Year, Lummis Says

A sweeping piece of legislation that would overhaul how the cryptocurrency industry is regulated by Washington is unlikely to be voted on this year by the US Senate, according to one of the lawmakers driving the effort.

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