CURRENT Newsletter | March 31, 2023

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CFPB Releases Section 1071 Small Business Lending Final Rule; League Remains Concerned About Scope of Rule, Regulatory Burden

The Consumer Financial Protection Bureau (CFPB) released its final rule on section 1071 of the Dodd-Frank Act Thursday, which would require credit unions to collect and report certain data on applications for credit. While your League recognizes that this rule was mandated by Congress, we urged the CFPB as it crafted the final rule to carefully consider how the scope of its rule might impact the cost of small business borrowing and how burdensome data collection required by the rule would affect smaller financial institutions, like credit unions.

“We support the CFPB fulfilling its statutory mandate in issuing this rule, but we continue to seek a final rule that represents the least possible burden to credit unions. Our concerns remain that the scope of the rule and the regulatory burden it represents might well disincentivize some credit unions from offering small business lending, depriving small businesses of an important source of credit for fueling growth and creating jobs," 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."

Related: House Bill Would Amend CFPB Proposed Rule on Reporting Requirements

League Congratulates Lamont Bagby on Successful Run for State Senate

The Virginia Credit Union Leagues congratulates Sen.-elect Lamont Bagby on his election to represent Virginia’s 9th State Senate District. “We look forward to continuing to work closely with Sen.-elect Bagby as he transitions from the Virginia House to the Senate,” says Virginia Credit Union League President/CEO Carrie Hunt.

IGNITE 2023 Keynote: U.S. Economic Outlook and Its Impact on CUs

CUNA Mutual Chief Economist Steven Rick is back by popular demand at IGNITE 2023! The U.S. economy is experiencing unprecedented demand and supply shocks leading to the highest inflation in 40 years.? The Federal Reserve has raised interest rates at the fastest pace in 40 years.?High-profile bank failures in March brought new economic and market worries for credit unions, not to mention a more intense focus on interest rate risk and liquidity risk. What do all these factors mean for credit union balance sheets and income statements for the next two years?  Join us at IGNITE for this critically important and timely session!

EMERGE Leadership Module May 24: Learn How to Lead Strategically, Communicate With Impact

The leader is the key to the success of any team. The leader shapes the culture, focus, and direction of the team and sets expectation. The performance of any team is the direct result of the effectiveness of its leader. Through this workshop, leaders will learn how to shape employee mindset, develop effective behaviors, coach to skills, and improve results through coaching and accountability. While this May 24 in-person event is part of our EMERGE Leadership Certification, anyone can attend!

Calling All Golfers, Sponsors: VACUPAC Challenge Tees Off May 24

Kickstart your IGNITE | Annual Meeting experience by hitting the links in the 34th Annual VACUPAC Golf Challenge, being held May 24 in Williamsburg. Proceeds from the tournament support the Virginia Credit Union Political Action Committee (VACUPAC), the non-partisan PAC working for the benefit of all Virginia-based credit unions. You can support the tournament as a golfer, as a sponsor, and even better, both!

Richmond-Area VACUPAC Golf Tournament Set for May 9

Sponsored by Henrico Federal Credit Union, the Bill Dawson VACUPAC Golf Tournament tees off May 9, at the Hunting Hawk Golf Club! It’s another great way to support our advocacy efforts! Golfers needed; sponsors needed!

In Other News …

• Navy Federal Launches New Initiative to Continue Its Member-Focused Mission
• Call Federal Named Top Workplace
• Virginia Credit Union Earns Gallup Exceptional Workplace Award
• Virginia Credit Union Chairman Ken Ampy Recognized By Virginia Business Magazine
• Chartway Congratulates Two Leaders on Promotions
• Tidewater Chapter Plans April 13 Meeting
• Registration Now Open for NCUA Share Insurance Webinar on April 13
• Comments on Credit Card Late Fee Proposal Due May 3
• Compliance: ACH Contact Registry Deadline Aug. 1
• Regulatory Alert (23-RA-02) Home Mortgage Disclosure Act Data Collection Requirements for Calendar Year 2023
• Webinar: Credit Unions 4.0 - The Near Future of Credit Unions