Latest News & VACUL Headlines
- Largest Credit Union Deal for a Bank Delayed a Third Time
April 4, 2022VyStar Credit Union in Jacksonville, Florida, has extended the timeline to close its acquisition of Heritage Southeast Bank in Jonesboro, Georgia.
- NCUA Final Rule on 'Service Facility' Definition
April 4, 2022NCUA issued a Letter to Federal Credit Unions (22-FCU-02) on the final rule amending the definition of “service facility” for multiple common-bond credit unions. The rule became effective Dec. 27, 2021. The final rule provides that shared locations are service facilities for purposes of multiple common-bond federal credit union additions of groups, regardless of whether the federal credit union has an ownership interest in the shared branching network providing the locations,” the letter reads.
- Credit Unions Support 49th Running of Cherry Blossom Ten Mile Run
April 4, 2022The men’s and women’s winners made history and credit unions presented a check for $323,000 to Children’s Miracle Network (CMN) Hospitals Sunday morning at the Credit Union Cherry Blossom Ten Mile Run. Your League and a number of Virginia-based credit unions are sponsors of the run.
- NCUA Says It Could Meet Just One-Third of Requests from Smaller CUs
April 4, 2022NCUA was only able to cover approximately one-third of the requests it received for technical assistance from small credit unions during 2021.
- Ted Cruz Intro’s Bill to Prohibit Federal Reserve from Issuing Central Bank Digital Currency
April 4, 2022Sen. Ted Cruz (R-TX), a member of the Senate Commerce Committee, has introduced legislation to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals. Cruz’s bill was cosponsored by Sens. Mike Braun (R-IN) and Charles Grassley (R-IA).
- Consumer Sentiment Over Future Hits Lowest Point Since Pandemic Began, New Survey Finds
April 4, 2022The Future Consumer Sentiment Index has slumped to its lowest point since the pandemic began. “The rapidly rising price of food, fuel and energy has left consumers with quite a bleak outlook for the next six months,” stated GlobalData, which conducts the Index.
- General Assembly to reconvene Monday to Finalize Budget
April 4, 2022Lawmakers are returning to Richmond Monday after being summoned last month for a special session by Gov. Glenn Youngkin to finalize the state’s biennial budget. But more than three weeks after the General Assembly adjourned its regular session on March 12, budget conferees have been unable to close the $3 billion gap that still separates the spending bills of both parties, with most disagreements relating to different versions of tax relief proposals. Learn more
- NCUA’s Advertising Statement and Websites
April 4, 2022The NAFCU Compliance Team has received several questions in recent weeks regarding whether a federally-insured credit union (FICU) can include the “official advertising statement” regarding share insurance in the footer on its website ... Learn more
- Hampton Roads Emerging Professionals Group Holds Networking Event
April 2, 2022The Hampton Roads Emerging Credit Union Professionals met up for the first time this year at Oozlefinch Brewery in Hampton, VA for a networking Happy Hour on April 24th. Look for an announcement soon about our next event. For more information about how you and your credit union can get involved in the League’s Emerging Professionals Network visit our website or contact CeJae Vtipilson at cvtipilson@vacul.org
- HUD Issues Proposal for 40-Year Modifications
April 2, 2022The Department of Housing and Urban Development has formally proposed to amend regulations to accomodate 40-year modifications that Ginnie Mae has been preparing to securitize. The proposal, published Friday in the Federal Register, calls for the modifications of Federal Housing Administration-insured mortgages to be structured somewhat like those available for loans other agencies oversee. Forty-year modifications are available for loans backed by government-sponsored enterprises Fannie Mae and Freddie Mac and the U.S. Department of Agriculture, or made by institutions regulated by the National Credit Union Administration.