CURRENT Newsletter | April 4, 2023

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VACUL Supported Credit Union Cherry Blossom Run Raises $450,000 for Children’s Miracle Network Hospitals

League staff participated by volunteering and running in the 50th annual Credit Union Cherry Blossom Race.

Virginia House Seats to Remain Vacant until January

House Republican and Democratic leaders have agreed not to seek special elections to fill two empty House seats. These two seats are the 74th in Henrico which was held by former Delegate now Senator Lamont Bagby (D-9th) and the 79th (Chesapeake, Norfolk, Portsmouth) which was held by former Delegate Nadarius Clark, who resigned his seat and moved to run for the newly drawn 84th District (Franklin, Suffolk, Chesapeake).  Elections will be held for these two seats and the 138 other newly drawn General Assembly seats in November.

Two, Possibly Three, more Members of the General Assembly will not Seek Reelection

Two, possibly three, more members of the Virginia General Assembly have announced they will not seek reelection. Delegate Jeff Campbell (R-6th) from Marion will not run for reelection this Fall, creating yet another race with no incumbent candidate. Delegate Kay Kory (D-38th) from Fairfax has announced her retirement which clears the way for Delegate Marcus Simon (D-53rd) to run for the newly drawn 13th House District in November. Embattled Delegate Matt Farris (R-59th) of Campbell County has missed the filing deadline to run for the Republican nomination in the newly drawn 51st District (Campbell, Bedford, Pittsylvania). Farris may still run as an independent candidate. Currently close to 50 of the 140 seats in the General Assembly will not have an incumbent running for election, which will create an almost unprecedented turnover for both state chambers.

National Credit Union Youth Month Celebrations Begin

National Credit Union Youth Month celebrations kicked off this weekend, marking a month-long youth-focused celebration with the theme "Unleash the Power of Saving at Your Credit Union™," aimed at instilling the importance of saving and developing good financial habits in children and young adults.  To share with us, tag us in your posts or use hashtag #VACUL.

CUs issue $846 million through PAL program

A new article from Pew Charitable Trusts examined trends in credit union lending trends and found that credit unions issued $846 million in loans through the NCUA’s Payday Alternative Loan (PAL) program in 2022, exceeding the 2019 figure by 32 percent. 

NAFCU economists break down CFPB late fees proposal in new video

NAFCU is providing findings from the association’s survey on how the CFPB’s proposed rule to lower the safe harbor of credit card late fees would impact credit unions in a new video. Additionally, the video breaks down the latest economic developments, including the Federal Open Market Committee’s (FOMC) decision to raise the federal funds rate in March.

IGNITE 2023 Keynote: Using Innovation to Improve the Member Experience

Member experience is everything, notes IGNITE Keynote Speaker Stephanie Wade. You’ve no doubt focused on optimizing your member experience, ensuring that every member touchpoint delivers an experience that adds value and builds loyalty. But optimization is table stakes these days. Join us at IGNITE 2023 as Stephanie discusses why credit unions that really want a competitive edge must be laser-focused on introducing innovation into the member experience to create those “wow” interactions with members that build the brand, drive growth and create member ambassadors willing to share their experiences.