Latest News & VACUL Headlines
- Defense Credit Union Council: Pentagon Study is a Victory for Industry
August 23, 2022A long-awaited Defense Department (DoD) report that concludes servicemembers do not lack access to banking services on military installations is being hailed as a victory for credit unions in their ongoing battle with banks over rent benefits on those bases.
- Credit Unions Set Loan Growth Record, Deposits Decline in Q2
August 23, 2022U.S. credit unions easily set a 15-year loan growth record in the second quarter based on growth in several different categories, according to S&P Global Market Intelligence data.
- Virginia's Credit Union Advocates to Gather in Washington at 2023 CUNA GAC
August 23, 2022CUNA Governmental Affairs Conference (GAC), the credit union industry’s premier advocacy event, returns to Washington, D.C., Feb. 26 to March 2, 2023.
- Rep. Morgan Griffith Signs on as Co-Sponsor of CU Board Modernization Bill
August 23, 2022Following credit union and League advocacy efforts, Rep. Morgan Griffith (R-9th) has signed on to H.R. 6889 (Credit Union Board Modernization Act) as a co-sponsor. This bill revises the frequency of meetings required to be held by a federally chartered credit union's board of directors.
- 1st Advantage Federal Credit Union Recognized as A Top Workplace in Hampton Roads
August 23, 20221st Advantage, a full-service credit union serving Hampton Roads and parts of Richmond and North Carolina, has been named a Top Workplace by Inside Business. Celebrating over 70 years in business, 1st Advantage is honored to be recognized with this award as it exhibits that 1st Advantage is focused on positive workplace culture and attracting, retaining, and expanding its team.
- ICBA Urges FDIC to Reject Ford Credit Bank's Deposit Insurance Application
August 23, 2022The Independent Community Bankers of America is urging the Federal Deposit Insurance Corp. to deny Ford Credit Bank's application for deposit insurance as an industrial loan company. Industrial loan company, or ILC, status "would allow the company to skirt regulatory oversight and violate longstanding U.S. policy separating banking and commerce," the Independent Community Bankers of America, or ICBA, said in an Aug. 19 letter.
- Credit Union Loans Increased 2.4% in June
August 22, 2022Credit union loans outstanding increased 2.4% in June, according to CUNA's latest Monthly Credit Union Estimates, compared to a 2.3% increase in May of 2022 and a 1 % increase in June of 2021. The loan growth in the first six months of 2022 would be the fastest pace since 1984, says CUNA Chief Economist Mike Schenk.
- After Initially Slow Adoption, More and More People Taking a Bite out of Apple Pay
August 22, 2022Apple Pay, which many credit unions rushed to embrace after it was introduced in 2014 as they sought to get their cards top of wallet, has been rapidly gaining momentum, according to new data. The percentage of iPhones with Apple Pay activated was 10% in 2016 and is now around 75% and “inching closer to ubiquity."
- Deadline Aug. 23 For CDFIs to Apply for Grants Under New Program
August 22, 2022Credit unions designated as Community Development Financial Institutions (CDFIs) have until Aug. 23 to apply for grants under the CDFI Fund’s new Equitable Recovery Program, which will provide approximately $1.73 billion in grants for CDFIs as they respond to the economic impact of the coronavirus pandemic.
- Fed Gov Says FedNow Instant Payment Network Should be Ready Mid-2023
August 22, 2022The Federal Reserve intends to launch its instant payment network – FedNow – by mid-2023, according to FedGov. Michelle Bowman, who called the implementation a “high priority.”