Latest News & VACUL Headlines
- Credit Union 1 to Acquire Illinois-Based Peer Northside Community Bank
June 7, 2022Rantoul, Ill.-based Credit Union 1 agreed to acquire substantially all the assets and liabilities of Gurnee, Ill.-based Northside Community Bank. The transaction is expected to close in the fourth quarter of 2022 or the first quarter of 2023. With the transaction, CU 1 joins the growing number of credit unions, which typically have consumer-heavy loan balances, looking to bolster their commercial banking portfolios and add commercial talent through bank mergers in recent years.
- New UDAAP Exam Parameters: Beyond Fair Lending
June 7, 2022Compliance alert! The changes to the UDAAP exam manual go far beyond fair lending. Under the new parameters, the CFPB can bring discrimination claims related to non-credit financial products and services. You can't afford to miss this crucial update.
- VyStar CU Strikes Largest-Ever CU Capital Raise
June 7, 2022VyStar CU raised a large chunk of capital while the company waits for regulators to approve its pending acquisition of Heritage Southeast Bank, the banking subsidiary of Heritage Southeast Bancorp. Inc. The Jacksonville, Fla.-based credit union raised $200 million in subordinated debt in the first quarter, the largest such raise by a credit union yet.
- REMINDER: Nominate a 2022 Credit Union Rock Star By June 10
June 7, 2022The editorial team of Credit Union Magazine is now accepting nominations for the 10th annual class of Credit Union Rock Stars, sponsored by Fiserv. Credit Union Rock Stars are professionals and volunteers in credit union organizations who leverage their exceptional creativity, innovation and passion to advance their credit unions and elevate their communities.
- Growth in Lending, Assets, Insured Shares Reported in First Quarter of 2022
June 7, 2022According to the latest financial performance data released today by the National Credit Union Administration, total loans outstanding in federally insured credit unions increased $136 billion, or 11.7 percent, over the year ending in the first quarter of 2022, to $1.30 trillion. During the same period, total assets rose by $169 billion, or 8.7 percent, to $2.12 trillion. Insured shares and deposits rose $125 billion, or 8.0 percent, to $1.69 trillion, from one year earlier.
- Arlington Community Federal Credit Union Announces Proposed Merger with InFirst Federal Credit Union
June 7, 2022Arlington Community Federal Credit Union, headquartered in Arlington, Virginia, and InFirst Federal Credit Union, headquartered in Alexandria, Virginia, announced today they are seeking regulatory approval to merge.
- Scams Involving Redemption of Fraudulent Savings Bonds Hit Credit Unions
June 7, 2022Multiple reports of fraudulent or counterfeit U.S. Savings Bonds being redeemed at credit unions by new members across the country. The members withdraw the funds before the credit union is made aware of a debit adjustment from the U.S. Treasury indicating the savings bonds are fraudulent.
- Wish Granted for Suffolk Pre-Teen Who Endured Cancer
June 7, 2022With a dream of becoming a zoo veterinarian to work with cheetahs, cancer survivor Anna Weissner's family worked with Make-a-Wish Greater Virginia and the Chartway Promise Foundation to make a special wish for Anna come true. Later this month, she and her family will spend a week at the San Diego Zoo Safari Park. The foundation is the charitable arm of Chartway Credit Union.
- Cannabis Banking: Keys to Success
June 7, 2022When U.S. Eagle Federal Credit Union in Albuquerque, N.M., began researching cannabis banking services, the board and leadership team worried members might not like the typically conservative financial institution getting involved in this line of business. They worried needlessly.
- CUNA Mutual Group Virtual Event: Transactions and Fraud Webinar
June 7, 2022Engage CUNA Mutual Group's risk consultants in a live question-and-answer forum on payments, deposits, transactions and fraud. The event is scheduled for June 15, 2 p.m.