Your League and Virginia-based credit unions are in Washington this week to meet with federal lawmakers as part of NAFCU's Congressional Caucus. There are a host of issues of keen interest to credit unions on the Congressional agenda for the remainder of this year, including our ongoing battle against interchange legislation, funding the federal government, measures related to CFPB, and legislation that would provide new flexibility for federal credit union board meetings. Credit unions and your League met today with the offices of Reps. Rob Wittman (R-1st), Jennifer Kiggans (R-2nd) and Don Beyer (D-8th), covering those issues and others.

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NextMark Credit Union is thrilled to announce the grand reopening of its Fairfax branch, featuring futuristic self-serve technology designed to enhance the banking experience for its valued members. This innovative upgrade reflects NextMark's value-centric brand and its commitment to providing cutting-edge financial services while ensuring utmost convenience and accessibility. The newly revamped Fairfax branch introduces state-of-the-art self-serve technology, aimed at streamlining transactions, and empowering members to take control of their financial journey.

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We want to make you aware of an exciting opportunity that could provide significant grant funds for credit unions interested in green lending. Ecority, an independent nonprofit, is asking credit unions and Community Development Financial Institutions to submit an electronic letter of interest which it will use to demonstrate the breadth and depth of industry interest in leveraging some $20 billion from the Greenhouse Gas Reduction Fund (GGRF) being administered by the U.S. Environmental Protection Agency. As of this date, Ecority is composed of credit unions and CDFIs in 43 states, including Virginia’s own Langley Federal Credit Union.

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According to the latest financial performance data released today by the National Credit Union Administration, total assets in federally insured credit unions increased $82 billion, or 3.8 percent, over the year ending in the second quarter of 2023, to $2.22 trillion.

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Your League’s 3Q2023 Compliance Roundtable is now available online. Join the League’s JT Blau (Chief Advocacy Officer) and attorney Jay Spruill (Woods Rogers Vandeventer Black PLC), who serves as lead attorney for the League's Compliance Hotline, for a deep dive into Fraud scams targeting member accounts and protective measures a credit union can take; NCUA’s new member expulsion rule; NCUA’s new cyber incident reporting requirement; FFIEC’s update of their examination manual; Recent IRS info on credit unions’ eligibility to claim the Employee Retention Credit; and the importance of reviewing your BSA policies, procedures and oversight.

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Credit unions: 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?

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Today, the Washington Commanders announced a new multi-year partnership with Northwest Federal Credit Union (NWFCU), a full-service, member-owned financial institution ranking among the largest credit unions in Virginia. As part of the partnership, NWFCU will be the Official Credit Union of the Washington Commanders and will be the presenting partner of the Commanders “High School Game of the Week,” program, the “Commanders Read” community program, and the “Field Goal” feature on the Commanders Radio Network for all radio broadcasted games. Additionally, NWFCU will entitle the Joe Gibbs Club Level renamed to the Joe Gibbs Club Level Presented by Northwest Federal Credit Union.

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Your League’s Governmental Affairs team, with an assist from Langley Federal Credit Union, has been hard at work today keeping credit unions top-of-mind for our state lawmakers and executives.

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News and Notes for and about Virginia's Credit Unions. In today's edition: League Files Comment Letter on Proposed Changes to NCUA's Operating Fee Methodology; League Compliance Roundtable (Sept. 6; Still Time to Register); EMERGE Seminar; and GROWTH Conference. 

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Your League today filed a comment letter with NCUA on the agency’s Operating Fee Schedule Methodology. The NCUA Board is requesting comment on proposed changes to the methodology it uses to determine how it apportions operating fees charged to federal credit unions (FCUs).

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