CURRENT Newsletter | April 7, 2023

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League Meets with Congressman Ben Cline

Tim Rowe with Member One FCU, Justin Barnes with ValleyStar CU, and the League's JT Blau met with Congressman Ben Cline (R-06) in his Roanoke District Office on Thursday, April 6th. During the meeting they discussed the recent bank failures and restated our position that these had nothing to do with credit unions and Virginia’s 105 member-owned credit unions are safe and sound for their members... Read More.

Credit Unions Safe, Sound: Communication Resources Available for Recent Bank Failures

Your League has several resources available to aid you in communicating with members about the safety and soundness of your credit union in the wake of recent failures in the banking industry, including talking points, a sample news release and a tool to help you maximize members' account insurance coverage.
Related: League Monitors Fall-Out from Bank Failures; Working with NCUA and Others

CU Today Highlights VACUL success passing legislation that allows credit unions to engage in virtual currency custody services. 

Law goes into effect July 1, 2023. 

NCUA to administer $3.5 million in Community Development Revolving Loan Fund (CDRLF) grants to eligible credit unions. 

Eligible credit unions can apply for $3.5 million in grant money to serve the underserved. The application period is May 1-June 30th. 

Survey finds small businesses are leaving banks and joining credit unions.  

Citing more trust in and better service at their credit unions, small businesses holding their money at credit unions rose 11% since bank failures, rising from 17% to 28%. 

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.

Tentative Slate of June 20 Legislative Primaries 

Thursday was the filing deadline for candidates seeking to run in state-run legislative primary elections set for June 20. An official list of certified candidates is pending while the state Department of Elections awaits certifications from political party officials. League staff are tracking all 140 races and finalizing 2023 VACUPAC contribution budget. 

Banks continue baseless attacks on credit unions

A coalition of community bank groups led by the Independent Community Bankers of America (ICBA) has sent a letter to House Financial Services leadership, calling on the committee calling on the committee to hold an oversight hearing on the NCUA, alleging numerous issues.

There is Still Time to Register for NCUA’s Share Insurance Webinar on April 13 

To help credit unions better understand share insurance, the National Credit Union Administration has scheduled a webinar for Thursday, April 13 at 2pm, to discuss how member accounts are covered. Topics include: Types of accounts covered by share insurance; What happens to share insurance coverage when credit unions merge; What happens to insurance of accounts if a member passes away; and General information about trusts.

IGNITE 2023 Keynote: The Strategic Imperatives Necessary to Future-Proof Your Credit Union

From developing your talent pool to finding the right digital strategy, Mark leverages decades of experience as an industry leader to offer a unique, insightful blueprint of what every credit union needs to address to ensure their success! Join us at IGNITE 2023 for this and other timely and informative education sessions!

EMERGE Conference Dates Announced

VACUL’s conference for Emerging Professionals will be June 21-22, 2023 at the Hilton Downtown Richmond. To register and for more information visit https://www.vaculemerge.org

EPN Virtual Event April 18: How to Interview

Northwest Federal Credit Union’s Raquel Crossley (Talent Acquisition & DEIA Manager) and Olivia Fraser (Senior Talent Acquisition Specialist) will provide advice, tools and tips for successful interviews, including preparation and tackling tough questions.

League Meets with Congressman Ben Cline

Tim Rowe with Member One FCU, Justin Barnes with ValleyStar CU, and the League's JT Blau met with Congressman Ben Cline (R-06) in his Roanoke District Office on Thursday, April 6th. During the meeting they discussed the recent bank failures and restated our position that these had nothing to do with credit unions and Virginia’s 105 member-owned credit unions are safe and sound for their members... Read More.

Credit Unions Safe, Sound: Communication Resources Available for Recent Bank Failures

Your League has several resources available to aid you in communicating with members about the safety and soundness of your credit union in the wake of recent failures in the banking industry, including talking points, a sample news release and a tool to help you maximize members' account insurance coverage.
Related: League Monitors Fall-Out from Bank Failures; Working with NCUA and Others

CU Today Highlights VACUL success passing legislation that allows credit unions to engage in virtual currency custody services. 

Law goes into effect July 1, 2023. 

NCUA to administer $3.5 million in Community Development Revolving Loan Fund (CDRLF) grants to eligible credit unions. 

Eligible credit unions can apply for $3.5 million in grant money to serve the underserved. The application period is May 1-June 30th. 

Survey finds small businesses are leaving banks and joining credit unions.  

Citing more trust in and better service at their credit unions, small businesses holding their money at credit unions rose 11% since bank failures, rising from 17% to 28%. 

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.

Tentative Slate of June 20 Legislative Primaries 

Thursday was the filing deadline for candidates seeking to run in state-run legislative primary elections set for June 20. An official list of certified candidates is pending while the state Department of Elections awaits certifications from political party officials. League staff are tracking all 140 races and finalizing 2023 VACUPAC contribution budget. 

Banks continue baseless attacks on credit unions

A coalition of community bank groups led by the Independent Community Bankers of America (ICBA) has sent a letter to House Financial Services leadership, calling on the committee calling on the committee to hold an oversight hearing on the NCUA, alleging numerous issues.

There is Still Time to Register for NCUA’s Share Insurance Webinar on April 13 

To help credit unions better understand share insurance, the National Credit Union Administration has scheduled a webinar for Thursday, April 13 at 2pm, to discuss how member accounts are covered. Topics include: Types of accounts covered by share insurance; What happens to share insurance coverage when credit unions merge; What happens to insurance of accounts if a member passes away; and General information about trusts.

IGNITE 2023 Keynote: The Strategic Imperatives Necessary to Future-Proof Your Credit Union

From developing your talent pool to finding the right digital strategy, Mark leverages decades of experience as an industry leader to offer a unique, insightful blueprint of what every credit union needs to address to ensure their success! Join us at IGNITE 2023 for this and other timely and informative education sessions!

EMERGE Conference Dates Announced

VACUL’s conference for Emerging Professionals will be June 21-22, 2023 at the Hilton Downtown Richmond. To register and for more information visit https://www.vaculemerge.org

EPN Virtual Event April 18: How to Interview

Northwest Federal Credit Union’s Raquel Crossley (Talent Acquisition & DEIA Manager) and Olivia Fraser (Senior Talent Acquisition Specialist) will provide advice, tools and tips for successful interviews, including preparation and tackling tough questions.