Latest News & VACUL Headlines
- Biden Official Says US Government Could Pass Stablecoin Rules by End of Year
July 1, 2022The U.S. federal government is working on stablecoin legislation with Congress that could become law by the end of the year, an administration official told CoinDesk. The President’s Working Group on Financial Markets, an intergovernmental group composed of the heads of several financial regulators, met Thursday to discuss recent stablecoin activities and future legislation. This legislation would be introduced by the House Financial Services Committee, the official said.
- Yellen Reiterates Need for Consistent Regs on Stablecoins
July 1, 2022After several weeks of upheaval in the cryptocurrency market—including prominent stablecoins like TerraUSD and USDD breaking their U.S. dollar pegs—Treasury Secretary Janet Yellen reiterated her call for a regulatory framework for stablecoins.
- Credit Unions Now Hold Record 12% of Total Household Savings; CU Merger Pace in 2022 Approaching Another Record
July 1, 2022America’s credit unions held 12% of total household savings in April, the highest percentage in credit union history and up from 11.6% one year ago, 9.2% 20 years ago and 4.3% 40 years ago, according to CUNA Mutual’s newest Trends Report, which is based on data through April. Meanwhile, the Report is also forecasting the pace of CU mergers is going to pick up this year and will approach another record, this one not seen since 2015.
- Virginia Credit Union League Builds Out Its Team
July 1, 2022The Virginia Credit Union League continues to evolve its staffing to provide the best in advocacy, products and services, and professional development opportunities for Virginia's credit unions.
- CFPB Issues Advisory Opinion on Debt Collection Fees
July 1, 2022The CFPB issued an advisory opinion on fees charged by debt collectors, known as “pay-to-pay” or “convenience fees.” CUNA filed an amicus brief related to this issue in February in the Ninth Circuit Court of Appeals.
- League Offices Closed July 4
June 30, 2022Your League's offices in Richmond and Lynchburg will be closed July 4. We'll resume operations on July 5.
- Bankers’ Group Tells Commerce Department Digital Assets, Central Bank Digital Currency Both Pose Risks
June 30, 2022The Independent Community Bankers of America (ICBA) is urging the Commerce Department to recognize what it says are the risks posed by digital assets — including a U.S. central bank digital currency — as policymakers consider a regulatory framework.
- Mayor Cuts Ribbon on Carytown Branch
June 29, 2022Richmond Mayor Levar Stoney cut the ribbon to officially open Virginia Credit Union’s newest branch location in the Carytown Place Shopping Center on Monday, June 27.
- CDFI Fund Offering $1.73B to Help Communities Recover from Pandemic
June 29, 2022Credit unions designated as Community Development Financial Institutions (CDFIs) have until August 23 to apply for grants under the CDFI Fund’s Equitable Recovery Program.
- FFIEC Releases 2021 Mortgage Lending Data
June 29, 2022Data on 2021 mortgage lending transactions reported by 4,338 U.S. financial institutions under the Home Mortgage Disclosure Act (HMDA) is available via the Federal Financial Institutions Examination Council. Covered institutions include credit unions, banks, savings associations, and mortgage companies.