Latest News & VACUL Headlines
- ABNB Federal Credit Union Names James A. Young to Board of Directors
August 31, 2022ABNB Federal Credit Union has appointed James A. Young to its Board of Directors. Mr. Young replaces Earl Waddell who stepped down from the ABNB Board after serving since 2003.
- Filene Research: Updating Overdraft Protection to Meet Member Needs
August 31, 2022Overdraft protection (ODP) programs were originally designed to help members but shifts over the years have moved ODP from supportive to potentially harmful for those who can least afford it. How can credit unions update ODP offerings to re-align them with their mission, value proposition, and business model?
- The Fed Wants FIs to Prepare for FedNow, But Many Are In No Rush
August 31, 2022Financial institutions have less than a year to prepare for the launch of the Federal Reserve's long-anticipated instant payment system. It remains unclear just how many will bother.
- RVA Financial, MUNA Federal Credit Union and Pinnacle Credit Union Announce Planned Merger
August 30, 2022Richmond-based RVA Financial has announced plans to merge with two out-of-state credit unions. Atlanta-based Pinnacle CU, RVA Financial FCU and Meridian, Miss.-based MUNA FCU plan to combine in a three-credit union merger. The combination will create an institution with a five-branch footprint across three states where the existing credit unions are based.
- US Banks'Loan-to-Deposit Ratio Jumps as Loan Growth Soars, Deposit Growth Slows
August 30, 2022U.S. banks' loan-to-deposit ratio rose in the second quarter as loan growth continued to accelerate and deposit growth slowed. The aggregate loan-to-deposit ratio for the industry was 60.2%, up from 57.0% in the first quarter and 58.0% in the year-ago period.
- Pentagon FCU Closes Inaugural Prime Auto Loan Securitization
August 30, 2022Pentagon FCU, or PenFed Credit Union, closed its inaugural prime auto loan securitization, PenFed Auto Receivables Owner Trust 2022-A.
- Federal Reserve Banks to Launch FedNow Service in Mid-2023
August 30, 2022The Federal Reserve Banks are targeting a production rollout of the FedNow Service from May to July 2023, further defining the previously announced 2023 launch window for the instant payments service. The pilot program for the FedNow Service is gearing up for technical testing of the service beginning in September.
- Four Va.-Based CUs Make American Banker's List of Best CUs to Work For
August 30, 2022Four Virginia-based credit unions have made American Banker's 2022 list of "Best Credit Unions to Work For" -- Apple Federal Credit Union ($4.1 billion in assets), Chartway Credit Union ($2.6 billion); InFirst Federal Credit Union ($252 million) and Justice Federal Credit Union ($928 million).
- Fed's Brainard Says FedNow Launching in 2023 and FIs Need to Get Ready
August 30, 2022Federal Reserve Vice Chair Lael Brainard told a group of early adopters of the central bank's real-time payments system, known as FedNow, that the system should be operational between May and July of 2023.
- Some Analysts Say US in Housing Recession
August 30, 2022The Federal Reserve’s aggressive efforts to ratchet up interest rates have spurred concerns that the U.S. economy is heading toward a recession. But one pivotal industry may already be there.