CURRENT Newsletter | September 22, 2023

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Thank you, credit unions! Many thanks to everyone who joined us this week in Virginia Beach for our GROWTH Conference! Did we catch you having a great time? Check out the League’s social media channels to find out!

League Continues Outreach to Lawmakers on Looming Federal Government Shutdown

There’s little movement in Washington on the looming federal government shutdown. Your League identified a potential federal government shutdown as a key issue for CUs and members as we met with lawmakers during a series of Legislative Receptions across the state this summer and during our Hike The Hill events last week. We’ve continued outreach to lawmakers this week, outlining the hardships members will face should a federal government shutdown occur.

Your League wants to know: What Are Your Plans to Assist Members in the Event of a Government Shutdown?

League, CUs Continue Critical Fight Against Interchange Legislation; Email Sens. Warner, Kaine Today

The Senate co-sponsors of interchange legislation attempted to rev up support for the measure this week with a press conference and a show of support from small business groups. We continue to push back against efforts to move the interchange bill through ongoing engagement with our Congressional delegation and through our grassroots campaign that asks credit union supporters to write Sens. Warner and Kaine in opposition to the interchange measure. We appreciate your campaign participation to date, which has helped us generate 748 emails. Keep up the good work by urging other credit union champions to log on to our Advocacy Action Center and email the senators today!  

Related: League Contacts Sens. Warner, Kaine on Credit Card Rate Cap Bill

League Welcomes News of Tanya Otsuka's Nomination for NCUA Board

The Virginia Credit Union League is pleased to learn of the nomination of Tanya Otsuka to be a member of the National Credit Union Administration (NCUA) board. "The Virginia Credit Union League looks forward to working with Ms. Otsuka should she be confirmed," said League President/CEO Carrie Hunt. "We are very excited to see how she will bring her talents to the credit union industry."

League Offers Analysis of CFPB’s Guidance on AI, Loan Underwriting

If you’ve been tracking news related to AI and banking, you know that this week has been particularly eventful. The Senate Banking Committee on Wednesday held a hearing that explored this topic and CFPB issued guidance on the use of artificial intelligence in loan underwriting, specifically on how to properly issue an Adverse Action Notice (AAN) when you use AI or complex credit models in your decisioning process. Check out your League’s analysis of the CFPB guidance here.

Friday Five: Five Key Points from the NCUA Quarterly NCUSIF Briefing

League Chief Advocacy Officer JT Blau offers a deep dive and an analysis of the Share Insurance Fund briefing from yesterday’s NCUA board meeting.

League Supports NCUA's 'Financial Innovation' Rule; Salutes Board's Approach to Flexible, Principles-Based Regulation

The National Credit Union Administration Board unanimously approved a final rule that amends the NCUA’s regulations regarding indirect lending, the purchase of loan participations, and the purchase, sale, and pledge of eligible obligations and notes of liquidating credit unions.

“We appreciate the NCUA Board’s commitment to providing regulatory clarity and fostering opportunities for credit unions by allowing them to leverage partnerships and marketplace innovation,” said Virginia Credit Union League Chief Advocacy Officer JT Blau.

Registration Open for League’s Oct. 17 CEO Forum

Our exclusive event for small- and mid-sized credit unions returns to Richmond on Oct. 17! Programming will include an update on the FedNow payments platform, NCUA priorities, an economic update, regulatory issues, cybersecurity issues, and much more. You can register here!

In Other News …

• Registration Open for 2024 Governmental Affairs Conference
• Save the Date: CEO Forum Set for Oct. 17
• Save the Date: Financial Well-Being for All Boot Camp Oct. 25
• TRGroup, League Hosting 2nd Annual Women's Conference
• NCUA to Host Sept. 28 Webinar on Using Technology to Promote Financial Inclusion