CURRENT Newsletter | 3 March 2022 - Virginia Credit Union League

Companion bills SB329 and HB209 will make the process easier for state-chartered credit unions to offer specific services, activities or practices authorized for federally chartered credit unions. The state Bureau of Financial Institutions retains its supervisory and regulatory authority over the state-chartered credit union’s ability to offer any new service, or pursue any new activity or practice, but once this measure is signed into law, state-chartered credit unions will benefit from a simplified approval process for such services or activities. Of note, this measure does not provide any sort of authority related to the expansion or modification of the state-chartered credit union’s core charter.

Companion bills HB268 and SB326 will fix the Virginia statute so that the NCUA’s Subordinated Debt Rule will not conflict with the Virginia Code.

Thank Your State Lawmakers for Their Support of CU Parity Measures!

Write your state lawmakers today and thank them for supporting two important parity measures that ensure Virginia's credit unions are able to serve their members and compete in today's marketplace.

The two parity measures have successfully passed the chamber in which they originated. They appear to be well on their way to the governor's desk for his signature! And thank you for the role you played in lobbying for these measures!

Write your lawmakers here!

League Celebrating the Commonwealth's Credit Unions at CUNA Governmental Affairs Conference

Virginia is well-represented at this year's CUNA Governmental Affairs Conference, with more than 130 attendees on hand from 18 Virginia-based credit unions.

Your League hosted more than 70 credit union supporters at a special reception at the national Credit Union House. We were pleased to be joined by a representative of Rep. Morgan Griffith's office.

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League, Virginia CUs Meet with NCUA Board Member Rodney Hood

Two dozen representatives from your League and Virginia-based credit unions met with National Credit Union Administration Board Member Rodney Hood to discuss key regulatory issues.

"My goal at NCUA is to ensure we offer regulatory flexibility and empower credit unions to serve their members," said Hood.

League President/CEO Carrie Hunt thanked Hood for his service on the NCUA Board, noting his focus on helping credit unions succeed in an increasingly competitive marketplace.

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Register Now: Ignite 2022 Set for April 20-22 in Roanoke

We return to the Star City for Ignite 2022 & the League Annual Meeting! We’ve secured the historic Hotel Roanoke as our host hotel.

Among the highlights: League President/CEO Carrie Hunt will provide an overview of key League initiatives for the coming year, with a particular focus on the League’s work related to our most-pressing advocacy issues. Carrie will also spotlight the League’s successes these past few months and our ongoing work to advance our industry and credit unions’ capacity to serve their members.

On tap are a dozen educational offerings, networking opportunities, and our always popular Innovation Expo and vendor showcase. This year’s education lineup features sessions on cannabis banking, cryptocurrency, lending, fintech and various board and governance topics.

Learn more and register

VACUPAC Golf Tournament Tees Off April 20

Calling all golfers: the 33rd Annual VACUPAC Golf Classic tees off April 20 at Roanoke Country Club.

Your participation aids our advocacy efforts by supporting the Virginia Credit Union Political Action Committee, the state-level, non-profit, non-partisan political action committee of the Virginia Credit Union League and its affiliated credit unions.

We need sponsors, as well! Sponsorships start at only $200 and your support ensures the tournament's success!

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Debra Scott Retiring After 47 Years with League

Our dear friend and colleague, Debra Scott, is retiring from the League on March 4 after a 47-year career. While many of you may not have had the pleasure of meeting Debra, you should know that she’s been a pillar of our organization, working behind the scenes to make the rest of us look good!

League Hosting Compliance Roundtable March 16; Register Now!

Count on your League to help you manage today's complex regulatory compliance environment. We've scheduled our next quarterly compliance roundtable for March 16. Each webinar is designed to aid your team in building its compliance resources, boosting its regulatory expertise and you saving time.

Our March 16 session will feature the following topics:

Cybersecurity: How to protect your credit union
Bank Secrecy Act/Know-Your-Customer developments
Digital banking developments
Member Fraud Issues: Identifying and preventing potential losses
2022 Virginia General Assembly Session: Legislation of interest to credit unions
Q&A Session! Have a question for our compliance attorney? Please forward questions to your League's Mary Amyx - mamyx@vacul.org!

Each webinar will be led by attorney Jay Spruill (Woods Rogers law firm), who serves as lead attorney for the League's Compliance Hotline.

League Co-Hosts CDFI Awareness Event for Lawmakers

Your League was proud to co-host a special event Tuesday night at Credit Union House to promote Community Development Financial Institutions (CDFIs) and educate lawmakers about these unique institutions. Among those attending: Lt. Gov. Winsome Earle-Sears; Sen. Adam Ebbin; and Dels. Betsy Carr, Mark Sickles and David Reid.

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Compliance / Regulatory Affairs

NCUA to Distribute $569 Million Under Corporate System Resolution Program

The National Credit Union Administration, in its role as liquidating agent, announced a $359.2 million distribution to more than 1,000 membership capital shareholders of the former Members United, Constitution, and U.S. Central corporate credit unions. NCUA will also distribute $209.8 million in dividends to more than 1,100 shareholders of Southwest Corporate. NCUA completed capital distributions to Southwest Corporate capital holders last year.

NCUA Board Member Rodney Hood Guest Speaker at Tidewater Chapter's March 10 Meeting

We look forward to welcoming Rodney Hood, Eleventh Chairman and Board Member of the National Credit Union Administration, as our guest speaker at the Chapter’s upcoming March 10 meeting. This is a breakfast meeting and will be held in Newport News. This flyer has all of the details.opens a pdf To register, please email Sue at srichardson@bayportcu.org by March 4 at noon. Note: All credit unions invited. You need not be a member of the Tidewater Chapter.

Education & Training

CUNA HR & Organizational Development Council Conference Planned for April

CUNA HR & Organizational Development Council Conference will return this year as an in-person event in Florida April 24-27.

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Risk Management

Reminder: CISA Issues Alerts Relating to Russian Cyberthreats, Ukraine Cyber Incidents

The U.S. Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) issued two alerts addressing risks from Russian State-Sponsored cyber threats and highlighting recent malicious cyber incidents suffered by public and private entities in Ukraine.

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