CURRENT Newsletter | September 19, 2023

REGular Blog: FinCEN Releases Beneficial Ownership Small Entity Compliance Guide
FinCEN has released a small entity compliance guide for its beneficial ownership information reporting rule, which is effective January 1, 2024. However, for financial institutions there are still a number of unanswered questions. Read more about the new guidance here.

League Writes Congressional Delegation; Urges Lawmakers to Avoid Government Shutdown
Your League has written every member of the Virginia Congressional delegation, urging them to avoid a government shutdown and the hardships that would follow for Virginians and the Commonwealth.

Credit Unions: What Are Your Plans to Assist Members in the Event of a Government Shutdown?

With so many of you serving government agencies, contractors and others who might be affected by a federal government shutdown, how are you planning to aid members should a shutdown occur?

Urgent Action Alert: Email Sens. Warner & Kaine Now to Fight CU-Opposed Interchange Bill

Keep up the good work on contacts with Sens. Warner and Kaine in opposition to the interchange bill (Credit Card Competition Act). We’ve sent 694 emails to date! Please continue to mobilize your credit union and ensure staff, officials and members use our Advocacy Action Center to quickly and easily email both senators!
Related: Senator Threatens To Slow Down Bills—Including for Funding the Government—to Force Action on Credit Card Bill
Related: CUNA, NAFCU & Others Plea to Lawmakers: Kill the Credit Card Competition Act

Congresswoman Wexton Will Not Seek Re-Election

Rep. Jennifer Wexton (D-10th) has announced that she will not seek re-election next year.

“We appreciate the Congresswoman’s many years of public service to the Commonwealth and look forward to working with her as she serves out the remainder of her term,” said League President/CEO Carrie Hunt. “She’s remained a friend to credit unions throughout her time as a legislator at both the state and federal levels. Her contributions will have lasting impact into the future.”

Registration Open for 2024 Governmental Affairs Conference
Registration is now open for the Governmental Affairs Conference (GAC). The annual conference will be held at the Walter E. Washington Convention Center in Washington, D.C., and online, March 3–7, 2024. "We hope you'll join your League and fellow Virginians in Washington next year as we engage with our Congressional delegation and regulators," said Virginia League President/CEO Carrie Hunt. "Our advocacy work will be especially critical early next year as we work toward the finish line for the 118th Congress and what promises to be a challenging and eventful 2024 presidential and federal election cycle."

In Other News …

• Save the Date: CEO Forum Set for Oct. 17
• Save the Date: Financial Well-Being for All Boot Camp Oct. 25
• CFPB issues guidance on credit denials using artificial intelligence
• CFPB Announces Annual Threshold Adjustments for Credit Cards and Mortgages