Latest News & VACUL Headlines
- League Announces Winners of State-Level Social Responsibility Awards
August 18, 2022The Virginia Credit Union League is pleased to announce the 2022 recipients of the Dora Maxwell Social Responsibility Community Service Award, the Louise Herring Philosophy-in-Action Member Service Award and the Desjardins Awards for Financial Education. The awards are given annually at the state and national levels, with credit unions competing in categories based on their total assets.
- NAFCU Offers 14 Recommendations for NCUA When it Comes to Improving Regs
August 18, 2022NAFCU has 14 recommendations for improving NCUA regulations and has also made new requests regarding credit union meeting and voting requirements and deposit activity rules. The trade group made its recommendations in a letter to NCUA in response to the agency’s annual regulatory review.
- IRS Expands Crypto Question on Draft Version of 1040
August 18, 2022The Internal Revenue Service has released a draft version of the Form 1040 for next tax season, with an expanded question about virtual currencies, now referred to as digital assets, along with other changes on drafts of that form and related forms and schedules.
- Home Sales Data Shows the Housing Market is Normalizing
August 18, 2022The housing market is finally starting to normalize as home sales declined by a double-digit percentage while inventory similarly rose between June and July, according to data from Remax.
- CU Trades to NCUA: Update Field of Membership Rules
August 18, 2022The NCUA should amend its field-of-membership (FOM) rules to make it easier for people to join credit unions and help those institutions grow, the two national industry trade groups told the agency this week.
- UVA Community Credit Union Members Approve Slate of Candidates to the Board of Directors
August 18, 2022UVA Community Credit Union is pleased to announce the results of its election to the board of directors, which was conducted during its annual meeting on July 27, 2022. Incumbents Pamela W. Higgins, Rob Walker Freer, Lynn Richman Bell, and Rob Neil were elected as vice chair, secretary, and directors respectively. In addition, Cynthia Murray was appointed as a director by Credit Union members. Board members serve a two-year term.
- US House Lawmakers Seek Info on Energy Impacts of Cryptocurrency Mining
August 18, 2022Leaders of a powerful U.S. congressional committee asked the heads of four large cryptocurrency mining companies to share data on their energy usage and what resources meet their electricity demand amid concerns that the energy-intensive industry could exacerbate climate change.
- US Bank Margins Jump in Q2 at Quickest Pace in a Decade
August 18, 2022Aggressive tightening by the Federal Reserve offered banks much-needed relief in their net interest margins in the second quarter. Through a series of rate hikes between mid-March and mid-June, the Fed increased the target fed funds rate by 150 basis points. Deposit costs held fairly steady in the second quarter, but loan yields marched higher.
- FDIC Threatens to Punish Banks that Impose Repeat NSF Fees
August 18, 2022The Federal Deposit Insurance Corp. warned banks that it will consider enforcement actions if the banks it supervises are repeatedly charging "nonsufficient-funds" fees for the same transaction.
- How CUs are Addressing Diversity at the Board Level
August 18, 2022Credit unions are supposed to be representative of the communities they serve, but their board members don't always reflect their audience's diversity. Many in the industry are working to change that.