Latest News & VACUL Headlines
- 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.
- States Work to Stifle Credit Union Acquisitions of Banks
April 1, 2022Several U.S. states are taking the matter of credit unions acquiring banks into their own hands.
- CU Overdraft Programs Designed with Members in Mind
April 1, 2022UW Credit Union President/CEO Paul Kundert testified before the House Financial Services Subcommittee on Consumer Protection and Financial Institutions Thursday for its hearing on overdraft programs. In advance of the hearing CUNA submitted its own letter for the record, in addition to a joint letter with the National Association of Federally Insured Credit Unions.
- Guidance From SEC Presses FIs Holding Crypto Assets for Members, Customers to Report Those Assets on Balance Sheets
April 1, 2022The U.S. Securities and Exchange Commission is pressing firms to account for crypto assets they’re holding on behalf of customers on their balance sheets. The guidance -- issued as a Staff Accounting Bulletin -- clarifies how the agency expects companies to apply existing accounting standards to digital assets. The new guidelines would also apply to any financial institutions that enter into this space, an SEC official told reporters.
- Virginia Credit Union: Delivering Focused Financial Education
April 1, 2022When Virginia Credit Union in Richmond teamed up with the Financial Health Network and George Fox University to conduct a series of member surveys, it learned that its female members struggled the most with financial health and confidence.
- House Passes Bill Decriminalizing Marijuana; Senate Fortunes Unclear
April 1, 2022The House on Friday passed legislation that would remove marijuana from the federal schedule of controlled substances, a move that comes as an increasing number of states have passed decriminalization laws.