Latest News & VACUL Headlines
- Consumers Lost More Than $1 Billion to Crypto-Fraud in 2021, FTC Reports
June 8, 2022Consumers reported losing more than $1 billion to fraud involving cryptocurrencies from January 2021 through March 2022, according to a new analysis from the Federal Trade Commission. Fraud reports suggest cryptocurrency is quickly becoming the payment of choice for many scammers.
- Registration Open for NCUA’s Webinar on Challenges Faced by Small Credit Unions
June 8, 2022Staff from the National Credit Union Administration will host a June 22 webinar, “Small Credit Union Challenges.” The webinar will focus on strategic planning, succession planning, using technology, credit union operations, and warning signs credit unions should heed.
- Federal Reserve Announces Second Tool to Help Community FIs Implement CECL
June 8, 2022The Federal Reserve announced on Tuesday it will soon release a second tool to help community financial institutions implement the Current Expected Credit Losses, or CECL, accounting standard. Known as the Expected Losses Estimator, or ELE, the spreadsheet-based tool utilizes a financial institution's loan-level data and management assumptions to aid community financial institutions in calculating their CECL allowances.
- Register Now for NCUA’s Call Report Webinar on June 23
June 8, 2022Credit unions can get valuable information for the upcoming June 2022 Call Report during an upcoming webinar hosted by the NCUA on Thursday, June 23 at 2 p.m.
- 1st Quarter 2022 Credit Union Profile Available
June 8, 20221st Quarter 2022 stats and performance information for Virginia-based credit unions.
- Pace of Cryptocurrency Fraud Losses Accelerates in Q1
June 8, 2022Consumers lost about $329 million from cryptocurrency fraud in the first quarter of this year, nearly half as much as during the whole of last year, according to data released this month by the Federal Trade Commission. This year, the overwhelming majority of losses so far have been from investment-related fraud, $575 million. The remainder was associated with romance scams, business imposters or government imposters.
- Senate Confirms Harper to Full Term on the NCUA Board
June 8, 2022The U.S. Senate by a vote of 59-to-40 on Wednesday confirmed Todd M. Harper to be a Member of the National Credit Union Administration Board for a term expiring on April 10, 2027.
- Sens. Gillibrand, Lummis Introduce Major Cryptocurrency Bill
June 8, 2022Sens. Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.) introduced legislation this week that will create a regulatory framework for digital assets such as cryptocurrency.
- Federal Judges Dismiss Lawsuit Seeking New Virginia House Elections This Fall
June 7, 2022A panel of federal judges has struck down a lawsuit seeking to force Virginia to hold House of Delegates elections this year under new political boundaries, ruling that the person who brought the suit lacked legal standing. The 31-page technical finding by a three-judge panel of the U.S. District Court for the Eastern District of Virginia effectively ends the chances of holding a do-over of last year’s General Assembly races.
- Reminder: 2022 CDRLF Grant Round Closes June 24
June 7, 2022Low-income credit unions that want to apply for Community Development Revolving Loan Fund grants in 2022 have until June 24 to submit their applications.