Latest News & VACUL Headlines
- Just How Much is Inflation Costing Depositors? Here’s What 1 Analysis Shows
June 10, 2022A new study offers insights into just how much inflation is costing depositors when it comes to their funds in interest-bearing accounts.
- Another Steep Rate Hike Coming at Next Week's Fed Meeting
June 10, 2022Continuing its push to rein in inflation, the Federal Reserve is likely to announce a 50-basis-point rate hike at its June 14-15 meeting. Nevertheless, many economists expect elevated inflation to persist through the end of 2022.
- Budget Reaches Youngkin, as 7-Day Clock Starts Ticking for Changes
June 10, 2022The state budget finally has landed on Gov. Glenn Youngkin’s desk. Youngkin now has seven days to propose amendments or vetoes to the two budget bills, one for changes to the spending plan for the current fiscal year that ends June 30, and the other for a new, $165 billion two-year budget.
- Virginia League Introduces Bankable Fintech Partnership, Connects CUs to Fintech Solutions in Minutes
June 10, 2022Your League continues to meet the needs of member credit unions by collaborating with Bankable Fintech to launch a leading platform that transforms the fintech partnership process. We are in the first phase of the strategic rollout process, but Virginia credit unions can get a jumpstart or learning more about the platform during a June 28 webinar with an all-star lineup!
- Credit Unions, League Meet with Rep. Don Beyer
June 10, 2022Arlington Community Federal Credit Union's Karen Rosales, Navy Federal Credit Union's Michael Huff and League President/CEO Carrie Hunt met today with Rep. Don Beyer (D-8th) to discuss a number of key credit union issues.
- Risk Alert: Corporate Check Fraud Reported
June 10, 2022Credit union cashier's checks and/or corporate checks that closely resemble credit union authentic checks have been presented for payment at financial institutions in connection with scams, including those of a Virginia-based credit union. Slight alterations in check color, check stock, logo, or location of key credit union check branding elements have been reported. In many cases, Routing & Transit Number (RTN) and MICR information are accurate.
- Will Regulators’ Warnings Chill Lenders’ Use of AI?
June 10, 2022The Consumer Financial Protection Bureau recently issued a fresh warning to lenders that use artificial intelligence in lending decisions, saying they must be able to explain how their models decide which borrowers to approve and provide clear reasons to consumers who are declined.
- Credit Union Expansion Bill Wrapped into House Package on Financial Inclusion
June 9, 2022A bill to allow credit unions to expand into underserved areas is now part of a broader legislative package headed for likely consideration on the U.S. House floor.
- Midterm Elections Unlikely to Slow Momentum for Bipartisan Privacy Bill
June 9, 2022Lawmakers penning omnibus privacy legislation will need to work through some snags, but momentum on the bill — even after the November midterm elections — is unlikely to slow, experts say. A draft of the American Privacy and Data Protection Act was unveiled June 3 and is the first iteration of a comprehensive U.S. privacy bill that tech stakeholders have desired for years. It also marks the first bipartisan and bicameral law of its kind.
- League, Credit Unions Host Virtual Meeting with Sen. Tim Kaine
June 9, 2022Twenty credit union champions and League President Carrie Hunt and staff participated in a 45-minute virtual meeting on June 8 with Sen. Tim Kaine, discussing a range of topics and legislation, including cannabis banking, interchange fees, data security and overdraft programs.