CURRENT Newsletter | October 3, 2022
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House Passes Credit Union Board Governance Modernization Act; Virginians Luria, Griffith Among Original Co-Sponsors
The House passed Thursday the CUNA-League-led Credit Union Board Governance Modernization Act (H.R. 6889). The bill was introduced by Reps. Juan Vargas, D-Calif., and Anthony Gonzalez, R-Ohio, and spearheaded by CUNA, the California Credit Union League, and the Ohio Credit Union League.
"We appreciate the support of Congresswoman Elaine Luria and Congressman Morgan Griffith in winning passage in the House of this important legislation. Both Virginia lawmakers signed on as co-sponsors of this legislation," noted Virginia Credit Union League President/CEO Carrie Hunt. "The bill modernizes an outdated board meeting requirement and promises to reduce the regulatory burden for eligible credit unions."
NCUA Posts 2023–2024 Proposed Budget, Sets October 19 Public Briefing
The National Credit Union Administration’s staff draft budget for 2023–2024 is now available on the agency’s website for review and comment. The staff draft budget has also been submitted for publication in the Federal Register, and the comment period is open until Oct. 28, 2022.
"In the coming weeks, your League will be taking a deeper dive into the budget and we will be commenting on areas of concern for member credit unions," said League President/CEO Carrie Hunt. “As the key stakeholders, it's vitally important that credit unions, Leagues and our system partners use this opportunity to comment on the budget. While we are ever-mindful of NCUA's mission, we also need an agency that is truly supporting the whole of our industry, an agency that encourages innovation within credit unions, and an agency, which itself, is innovative and nimble."
CUs, League Host NCUA Chairman Todd Harper
Your League and member credit unions hosted National Credit Union Administration Board Chairman Todd Harper this week at the CEO Summit.
CUs, League Hosting Legislator Reception Oct. 11 in NoVA; You're Invited!
Your League and member credit unions are hosting a legislator reception Oct. 11 in Northern Virginia and you're invited! This event is free to attend, but we ask that you register to aid us in planning.
Oct. 11 Webinar: Why Recapture is the Most Important Lending Strategy for CUs
On average, credit unions have just over 20% of auto loan debt -- with even lower penetration in unsecured loans and credit cards. This means that your members have 80% of their debt somewhere else, and despite credit unions having better rates, we are losing marketing share. Meanwhile, fintechs are seeing exponential growth using a couple of key strategies. Join this session to learn how you can implement those same strategies to recapture members’ debt.
CEO Forum to Feature Federal, State Regulators
We’ll be joined at the League’s Oct. 18 CEO Forum by National Credit Union Administration Vice Chairman Kyle Hauptman and Virginia Bureau of Financial Institutions Commissioner Joe Face Jr.
Our regulators will address the current opportunities and challenges facing credit unions, including the unique issues of smaller-asset-size institutions.
Registration Open for NCUA Webinar on Defending Against Ransomware Attacks
A ransomware attack on your credit union could inflict serious financial damage and pose reputation risk. The National Credit Union Administration is teaming up with the FBI, Treasury Department, and the Wisconsin Department of Financial Institutions to host an Oct. 13 webinar to discuss how to protect your credit union and your members.
GWLN Virginia Sister Society Will Host Free Virtual Event Oct. 20
The Virginia Sister Society of the Global Women’s Leadership Network will host a virtual event on Oct. 20. Titled “Making Herstory: Building Your Legacy,” program moderator Sarah Snell Cooke, of Cooke Consulting Solutions, will facilitate discussion for a panel comprised of women who will be part of the inaugural class of inductees into the HERSTORY exhibit at America’s Credit Union Museum! Learn more about that here: acumuseum.org/herstory.html
In addition to the panel discussion, this event will feature break-out discussions about building one’s own legacy, sharing of key takeaways from the breakouts, and a workshop about goal setting, leadership and taking action. This virtual event is free to attend.
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.)
League Seeks Nominations for Credit Union House Wall of Fame; Credit Union House Brick Sponsorships
Credit unions: Here’s a golden opportunity to honor individuals who have made a difference at your credit union or to the industry! On Nov. 9, your League will host its Annual Awards Event, at which we’ll honor our latest Wall of Fame inductees and Credit Union House Brick sponsors.
Other Articles of Interest
- DCCU Opens New Fishersville Location
- Tidewater Chapter Plans Oct. 13 Meeting
- Interchange Bill Prioritizes Large Retailers Over Consumers
- President Biden Cites Bank 'Junk Fees' as Weighing Down Families
- NCUA Introduces Several Process Improvements to Enhance the CU Diversity Self-Assessment Experience
- Congress Votes to Avert Government Shutdown
- Agencies Give Update on Supervisory Practices Regarding Institutions Affected by Hurricanes Fiona, Ian
- For Community Lenders, Net Interest Margin Pressure Looms Large
- CFPB Unlikely to Take Immediate Action on Buy-Now, Pay-Later Sector
- Yellen Tells White House She'll Stay as Treasury Chief Past Midterms
- Are Labor Market Forces Stretching Your Collections Team Too Thin?
- Experian Report Underscores Dealers' Need for Credit Union Partnerships
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