It's critical for our lawmakers and regulators to understand the complexities of the credit card market. We've seen what can happen when it's over-simplified. Last year's Credit Card Competition Act was born from the presumption that the credit card market is uncompetitive and that Visa and Mastercard are taking advantage of merchants. In our latest REGular Blog post, we cover two recent and important notices from CFPB related to credit cards...

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InFirst Federal Credit Union (InFirst) announced that Mark Hudzik has been appointed as the new President and CEO of the credit union after Martha Wye’s retirement.

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Your League’s longstanding concerns with CFPB’s focus on “fees” have only grown this week with the release of the Bureau’s proposed rule lowering the “safe harbor” cap on credit card late fees.

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Every January, the NCUA releases their Supervisory Priorities for the year ahead. These can be a signal to credit unions of what areas might draw more focus and scrutiny from their NCUA examiners during their next exam. While the list is not exhaustive, it can be instructive to review what priorities are new to the list this year, as well as which priorities from 2022 have now fallen off the list.

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The Consumer Financial Protection Bureau moved Wednesday to slash what is effectively a regulatory cap on most credit card late fees, unveiling a proposal for tougher fee limits that the banking industry is slamming as "extreme."

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The Tidewater Chapter is accepting submissions for its 2023 Leigh Ann Graham Scholarship (formerly the Jack E. O’Connor Scholarship). The Scholarship provides support for deserving high school seniors and continuing college students who are members of Tidewater Chapter credit unions. Applications must be postmarked by April 19, 2023, to be eligible for consideration.

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In a letter yesterday to every member of the General Assembly, your League outlined three priority pieces of legislation for credit unions, including our own virtual assets custody services bill. 

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The latest issue of Virginia Business magazine features a lengthy article on the advocacy work of credit unions and the League to enhance the credit union charter. Featured prominently in the article is League President/CEO Carrie Hunt, who notes our efforts to address field-of-membership issues, including an easier path for credit unions to reach underserved areas; authority for credit unions to hold municipal deposits; credit unions’ ability to offer virtual currency services; and clarity surrounding financial institutions’ ability to serve legal cannabis businesses.

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This April, celebrate the spirit of the credit union movement with younger members during National Credit Union Youth Month. During this industry-wide celebration, you can help plant the seeds of financial well-being. 

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League Chief Advocacy Officer JT Blau testified today before the state Senate's Local Government Committee in opposition to a bill extending PACE loans to residential dwellings. The Committee killed the bill for this year though chief patron Sen. Chap Peterson said he would revisit the issue in preparation for the next General Assembly session, likely offering the measure as a separate code section.

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