CURRENT Newsletter | October 28, 2022

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More Rules on Fees in the Works

The Biden Administration this week released an initiative that will target what it terms “junk fees,” with banking-related fees featured prominently in the President’s plan and in new, related guidance issued by the Consumer Financial Protection Bureau (CFPB). League President/CEO Carrie Hunt offers her perspective on the CFPB’s moves and what lies ahead for credit unions. (Carrie’s article is password-protected. Register here if you need one.)

• Related: CFPB ‘Junk Fee’ Guidance Ignores Credit Unions’ Focus on Members
• Related: CFPB Issues Guidance Around 2 ‘Junk Fees,’ Including ‘Surprise’ Overdraft Fees & Depositor Fees
• Related: FTC Also Exploring a Crackdown on Junk Fees

CUs Meet with Gov. Youngkin; Note CUs' Importance in Helping Members Manage Current Economic Conditions

Northwest Federal Credit Union CEO and League Vice Chairman Jeff Bentley and League Chief Advocacy Officer JT Blau met today with Gov. Glenn Youngkin, offering an overview of the Commonwealth's credit unions and our focus on the financial well-being of our members.

Impact Report 2021-2022: Proud to Be Your Chief Advocate, Premier Resource and Trusted Business Solutions Partner

Credit Unions: You’ll soon be receiving our 2021-2022 League Impact Report in the mail! It’s also available online to share with your Board and staff. We're proud to share this report, a record of our work and accomplishments on your behalf, but also a testament to our ongoing commitment to advance the Commonwealth's credit unions.

Credit Union Day at the General Assembly Jan. 19: Register Today!

Credit Unions: Join us in Richmond on Jan. 19 for Credit Union Day at the Virginia General Assembly!

Leadership, Communication Styles Seminar Set for Nov. 17

We’re excited to announce the third module/seminar as part of the League’s EMERGE Certification Program! Join us on Nov. 17 as we focus on leadership and communication, specifically “authentic leadership” and how best to use our personal strengths and communication skills in the workplace. Participants will complete a leadership personality assessment facilitated by a professional.

Other News of Note:

• DCCU Credit Card Campaign Garners $20K Donation to Food Bank
• BayPort Donates $10,000 to the Salvation Army Florida as Hurricane Ian Relief Continues
• Congressional FCU Names New President/CEO
• CUNA Hosting Post-Election Analysis Webinar Nov. 10
• NCUA Board Announces 2023 Meeting Schedule
• CUNA Hosting Post-Election Analysis Webinar Nov. 10
• CFPB Chief Previews Next Steps in Open-Banking Rulemaking
• CFPB Issues Draft Proposals on Consumer Financial Data Sharing
• Money 20/20 Coverage: Just Hours After CFPB Announcement, Panel Talks Open Banking, What Could Lie Ahead
• FHFA Looks to Loosen FICO’s Hold on Mortgage Approvals, Says Lenders Should Also Use Scores from VantageScore
• Pain to Follow GDP Gain, CUNA Predicting 'Growth Will Not Last'
• Trends, Challenges in Protecting CUs From Cyber Attacks in 2022 and Beyond
• CU Leaders ‘Modestly’ More Optimistic on Future, New NAFCU Survey Finds
• Credit-Card Debt Returns to Levels Before Covid-19 Pandemic
• CUNA Mutual Group to Host Webinar on Employment Practice Trends Nov. 16