CURRENT Newsletter | 10 September 2020 - Virginia Credit Union League

The Virginia Credit Union League is pleased to announce the winners of its 2020 Social Responsibility Awards. Each year, the League and the Credit Union National Association sponsor four awards competitions to recognize credit unions for their work in financial education, community service and outreach, and excellence in member service.

Nine entries earned first-place honors at the state level and have been forwarded to the Credit Union National Association to compete nationally. National award winners will be announced later this year.

“Service to our members and community is what defines the credit union system,” said Rick Pillow, president of the Virginia Credit Union League. “These award-winning credit unions embody our commitment to our ‘People Helping People’ philosophy and exemplify the Credit Union Difference, continuing our proud tradition of educating consumers about using and managing money, strengthening our communities, and ensuring the financial success of our member-owners.”

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Next-Level Lending: CUNA Mutual Group’s ULEND Academy Set for Nov. 2-6

Your League is proud to offer CUNA Mutual Group’s popular ULEND Academy Nov. 2-6 as a virtual learning experience for credit union lenders looking for real-world solutions to today’s toughest lending challenges.

The curriculum guides lenders from foundational to advanced skill levels in all lending communication channels and across all stages of the loan process - origination, underwriting, and closing - with cross-selling, consultation, and compliance woven throughout. ULEND Academy is set up as virtual learning workshop within six, 60 to 90-minute daily sessions where participants will discuss, learn, and then apply.

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Virginia-Based Credit Unions Aiding Members as Pandemic's Hardships Linger

Virginia’s 116 member-owned, not-for-profit credit unions hit major milestones at mid-year 2020, reaching 14.3 million total memberships and $194 billion in combined assets, according to information from credit unions’ federal regulator, the National Credit Union Administration.

“Many Virginians have had to shoulder financial worries and hardships these past six months as we’ve worked through the economic challenges brought on by the pandemic,” noted Virginia Credit Union League President Rick Pillow, “but credit union members have found a safe harbor and trusted financial partner in their credit union.”

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Please Report Your Pandemic-Related Efforts to Assist Members

We need your help! We appreciate all you’ve done in serving members during the pandemic, as well as your efforts keeping us apprised of your good work. Lawmakers need to know you’re making a difference for members and your communities. To facilitate information gathering on our end, we’ve worked closely with other Leagues to develop a short survey better able to capture information on loan modifications, forbearance, emergency loans, fees waived, etc.

Find the survey here: https://www.research.net/r/CULCOVID630

Please submit your data by Sept. 18. Much of what we’re asking is information you are already compiling and reporting. Your help is appreciated!

League’s Free ‘Shift Happens’ Webinar Series Continues Sept. 15

Your League is offering an ongoing series of free webinars, which we’ve titled “Shift Happens.” Registration is now open for our upcoming session: Contactless Cards Are Gaining Momentum (Sept. 15)

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League Providing Virtual Workshops on IRAs

This year will see the most significant changes to individual retirement accounts (IRAs) in more than a decade.

Your League is providing a two-day Essentials and Advanced Virtual IRA Workshop on Sept. 22 and 23 from 9 a.m. – 3:45 p.m. each day. This interactive workshop will be led by instructors presenting live with opportunities to pose questions and engage in the discussion.

Advocacy News

CUNA Backs Legislation to Advance DEI in Financial Services

CUNA and its members are committed to ensuring that diversity, equity, and inclusion (DEI) continue to play a meaningful role throughout every aspect of the financial services sector, CUNA wrote to leadership of the House Financial Services subcommittee on diversity and inclusion Tuesday. CUNA’s letter includes support for several pieces of legislation it believes would advance DEI principles in financial services.

“The nation’s 5,300 credit unions are committed to enhancing DEI in our member-owned, democratically controlled, not-for-profit financial cooperatives,” the letter reads. “This commitment manifests itself in several ways, including research efforts to establish a baseline and eventually measure changes in diversity, equity, and inclusion at credit unions; the establishment of the Credit Union DEI Collective—a network of credit union system partners, including NCUA—which is dedicated to deepening DEI in the credit union movement; a large and growing number of educational opportunities to support credit unions on their DEI journey; and CUNA hiring a Vice President for Diversity, Equity, and Inclusion to lead its DEI efforts.”

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2021 CUNA Governmental Affairs Conference slated for March 2-4

CUNA announced today that the 2021 CUNA Governmental Affairs Conference (GAC), the premier event for political impact in the credit union industry, will move to an interactive virtual format on March 2 to 4, 2021. The conference will be delivered via a premium virtual platform that will bring together credit unions, leagues, thought leaders and policymakers for a dynamic online experience.

To learn more and request to be notified when registration is available, visit cuna.org/gac.

Financial Services / Marketplace News

Virginia Expects to Begin Distributing $300-a-Week Unemployment Supplement in Late September

The Virginia Employment Commission said Thursday it expects to begin distributing $300-a-week in additional unemployment benefits in “about two and a half weeks,” which would fall on the week of Sept. 20.

Joyce Fogg, a spokeswoman for the commission, said in an email that text messages will go out to eligible recipients within the next week.

The Federal Emergency Management Agency approved Virginia’s application to participate in the relief program at the end of last month. President Donald Trump announced the aid after Congress was unable to reach a deal to extend the $600-a-week emergency benefits that expired in July.

It remains unclear how long the benefits will last, but officials have said they will be paid retroactively to Aug. 1.

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Mortgage Refinancings Boom, Even as Coronavirus Hits Economy

The mortgage market recorded its best quarter in years this spring, a reflection of how the housing market is booming in 2020 even as much of the economy stumbles.

Lenders issued $1.1 trillion in home loans between April and June, according to mortgage-data firm Black Knight Inc. That was the biggest quarter in the company’s records, which date to 2000. Lenders extended roughly $2.5 trillion in home loans in all of 2019.

Refinancings, up more than 200% from a year ago, drove the increase. Mortgage rates hit new lows multiple times this year, falling below 3% for the first time in July. The low rates have made millions more Americans eligible to save money on their monthly payments. Purchase mortgages, though, fell 8% from a year earlier. (Wall Street Journal, Sept. 8)

Blacks More Likely to Get High-Cost Mortgages

Black borrowers were more likely to be saddled with high-cost mortgages when buying a home last year, reflecting the persistence of racial discrimination that is only slowly improving, a LendingTree economist said Thursday.

Researchers with the Charlotte, N.C.-based mortgage broker analyzed detailed 2019 data from the Home Mortgage Disclosure Act (HMDA) to look at the share of Black homebuyers and owners who received “high-cost” mortgage purchase and refinance loans in 2019.

LendingTree categorized high-cost mortgages as those with an APR higher than the benchmark Average Prime Offer Rate (APOR) defined by the Federal Financial Institutions Examination Council.

The data released Tuesday showed Black borrowers were more likely to receive high-cost loans than the overall population in all 50 of the nation’s largest metropolitan areas. The researchers said some of the disparity might be explained by income, employment history and credit scores.

Loan-level HMDA data includes credit scores and borrower income. LendingTree didn’t analyze those factors in this study, but academic studies have found that racial disparities exist even after accounting for those differences in credit quality, LendingTree Chief Economist Tendayi Kapfidze said.

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Education / Training

NCUA Hosts Webinar in Partnership with NeighborWorks America

Credit unions can learn more about potential collaborations with NeighborWorks America during an upcoming webinar hosted by the National Credit Union Administration (NCUA).

Online registration is now open (opens new window) for the webinar, “Partnering with NeighborWorks.” The webinar is scheduled for Sept. 15, beginning at 2 p.m. Eastern. Participants will use the registration link to log into the webinar and should allow pop-ups from this website. There is no charge to participate in this hour-long webinar.

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News From Credit Unions

Virginia Credit Union Recognized for Financial Education

Virginia Credit Union has received statewide recognition for financial education programs for adults and youth.

Virginia Credit Union took first place among large credit unions in the state for adult financial education and second place among large credit unions for youth in the Desjardins financial education awards sponsored by the statewide trade association, the Virginia Credit Union League.

The adult education award was based on the “Financial Freedom for Prisoners” program Virginia Credit Union has led at the U.S. Correctional Complex of Petersburg and the Virginia Women’s Detention Center in Chesterfield. In 2019, Virginia Credit Union offered a series of 44 financial education classes for incarcerated individuals, reaching 1,927 inmates.

Virginia Credit Union’s second place award focused on teen money camp programs, guest presentations in schools, “Real Money” simulations with middle schoolers and their parents, and numerous other programs for youth in 2019.

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