In a move that has not been seen since credit unions began buying banks more than ten years ago, one credit union intends to acquire a bank that’s nearly equal to its own size.

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The National Credit Union Administration on July 21 approved a final rule raising the total asset threshold for enhanced supervision under the Office of National Examinations and Supervision, or ONES, to $15 billion from $10 billion. Starting Jan. 1, 2023, ONES will examine capital planning and stress tests for credit unions with more than $15 billion in total assets, while credit unions that cross $10 billion in total assets will now remain under regional office supervision. However, credit unions already above $10 billion in total assets under ONES supervision will continue to be supervised by that office.

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Virginia Credit Union League staffers J.T. Blau and CeJae Vtipilson had a great time with state Sen. Mamie Locke (D-2nd) at her Southern Luau in Newport News last weekend. We were also fortunate to speak with U.S. Rep. Bobby Scott (D-03), who was in attendance.

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Your League today filed a comment letter with the National Credit Union Administration as part of the agency's annual review of one-third of its regulations. This year’s review covers parts 700 to 710.

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Mail theft and armed robberies against U.S. Postal Service carriers have increased substantially throughout the country. The criminal's focus is to gain access to the master keys of the blue USPS mailboxes – ultimately in search for checks that can be altered, counterfeited, or sold online.

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Bad actors have reportedly sent phishing emails to some credit unions spoofing Zix secure emails supposedly from CUNA Mutual Group or FIS. Although CUNA Mutual Group uses Zix to encrypt select credit union emails that contain sensitive information, these emails were not sent from CUNA Mutual Group or from our Zix account. Credit unions should remain on the lookout for suspicious emails that claim to be from our organization or other trusted entities.

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Credit unions: Here’s a golden opportunity to honor individuals who have made a difference at your credit union or to the industry! On Nov. 9, your League will host its Annual Awards Event, at which we’ll honor our latest Wall of Fame inductees and Credit Union House Brick sponsors.

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Democrats are calling for federal banking regulators to stiffen rules governing the Community Reinvestment Act (CRA), but they are not pushing for the legislative changes that would make credit unions subject to the law. Nineteen Democratic senators and more than 75 House Democrats signed letters saying that the OCC, the FDIC and the Federal Reserve should do more to push banks to invest in their communities.

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In a typical year, average credit union loan growth is 8%. If 2022 continues as it did over the first six months, CUNA Chief Economist Mike Schenk says credit unions would see loan growth of 20%--the fastest pace since loans grew 25% in 1984. But Schenk doesn’t think credit unions will reach that level this year.

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The competition for providing buy now, pay later (BNPL) services is growing. From fintech to retailers to large tech companies, every player along the purchase-to-payment shopping journey is looking to become the go-to payment option by providing the most preferred payment solutions. So as a credit union, what can you do about it? Related article: Surge in Number of BNPL Users is Forecast

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