Credit unions: You’re invited to a special virtual event on Nov. 8 with National Credit Union Administration Vice Chairman Kyle Hauptman and League President/CEO Carrie Hunt. Join us for a candid conversation on the issues, regulations and challenges the agency is navigating, and their potential impact on credit unions.

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ABNB Federal Credit Union is proud to announce several internal staff promotions and new hires effective immediately.

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Chartway is pleased to congratulate two team members on their recent promotions. Jacqueline Jackson has been promoted to the newly created position of vice president of legal, assistant general counsel. Jace White has been promoted to the position of vice president of talent acquisition & engagement.

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News, notes and insights from the regulatory compliance world, including highlights of Thursday's NCUA Board Meeting.

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The U.S. Senate on Wednesday voted 53-to-44 in favor of a resolution to repeal the CFPB's small-business data collection rule. The Congressional Review Act resolution is now on its way to the House.

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It was another busy week on the advocacy front. From meetings with lawmakers to attending NCUA Board meetings to filing an amicus brief in a critical federal court case involving a Virginia-based credit union, your League was hard at work this week in serving as your champion and chief advocate!

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NCUA Board meeting summary for Oct. 19. Staff provided an update on the state of cybersecurity. The Board issued a proposed rule to amend the NCUA’s regulations governing share insurance coverage, with trust accounts a particular area of focus. The Board also issued a "Fair Hiring in Banking" proposal to incorporate the agency’s “Second Chance” Interpretive Ruling and Policy Statement (IRPS 19-1).

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Tanya Otsuka, a nominee for the National Credit Union Administration Board, was before the Senate Banking Committee today for her nomination hearing. Otsuka was asked a handful of policy questions, general thoughts on financial services law, and the importance of consumer protection. Your League welcomed her nomination last month for the Board seat. "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."

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Last week, a federal judge granted preliminary approval for a settlement in credit unions’ years-long data security breach lawsuit against WaWa convenience stores. Your League was among the many plaintiffs to sign on to the suit in 2020 on behalf of member credit unions. In total, the settlement calls for $28.5 million for credit unions, plus $9 million in attorneys’ fees. An estimated 5,000 financial institutions were affected.

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Your League is prepared to engage with policymakers following news yesterday that the Federal Reserve is preparing a proposal that would lower interchange fees merchants pay when consumers pay with debit cards. “Technically only the largest financial institutions were subjected to this cap on debit card fees, but we know the cap has had a negative impact industrywide,” said League President/CEO Carrie Hunt. “If the Fed pursues lowering the fee cap, your League stands ready to engage with policymakers and lawmakers during the comment period and during any discussions in Congress. With fraud both a constant and critical concern for credit unions, the interchange battle is vitally important, requiring our vigilance and our engagement.”

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