Latest News & VACUL Headlines
- CUNA and Trades Write to Fed re: Resisting Re-Opening Debit Regulation
February 7, 2022CUNA and other organizations wrote to the Federal Reserve in response to the Fed’s recent proposal to re-open Regulation II, which covers debit card interchange fees and routing. Attempts to tighten Durbin Amendment regulations would make it increasingly difficult for financial institutions to provide robust core banking services.
- BREAKING NEWS: Parity Powers Bill Unanimously Passes Senate Commerce and Labor Committee
February 7, 2022Our parity powers legislation unanimously passed the Senate Commerce and Labor Committee today. SB329 will make the process easier for state-chartered credit unions to exercise the same powers as their federally chartered peers.
- Energage Names Chartway a 2022 Top Workplaces USA Winner
February 4, 2022Chartway is proud to announce that in addition to being recognized as a “Top Workplace in Hampton Roads” by Inside Business and a “Top Workplace in Utah” by The Salt Lake Tribune in 2021, the Hampton Roads-based credit union has been awarded a 2022 Top Workplaces USA honor by Energage.
- Senate Panel Proposes Study of One Key Youngkin Income Tax Proposal, But Supports One-Time Refunds
February 4, 2022A major piece of Gov. Glenn Youngkin's tax cut package suffered a serious blow on Thursday, when a Senate panel recommended deferring the proposed doubling of the standard deduction on income taxes for a year to allow study by a special subcommittee on tax policy. A Senate Finance & Appropriations subcommittee voted to send similar bills to raise the deduction, proposed by Senate Minority Leader Tommy Norment, R-James City, and Sen. David Suetterlein, R-Roanoke County, to a new special subcommittee to study over the coming year.
- SAFE Banking Act Added to America COMPETES Act
February 4, 2022The CUNA/League-supported Secure and Fair Enforcement (SAFE) Banking Act was added to the House’s America COMPETES Act, which will likely be voted on Friday. The SAFE Banking Act would provide protections to financial institutions serving cannabis-based businesses where it is legal.
Virginia's credit unions are keenly interested in the SAFE Act, given the commonwealth's legalization of adult-use cannabis. State lawmakers are actively debating how to legalize retail sales of marijuana.
- CU4Kids Fundraiser Asks For CUs to Donate Portion of Foreign ATM Transaction Fees
February 4, 2022In April, Credit Unions for Kids is asking all credit unions to participate in a cooperative fundraiser that involves donating a portion of the CU’s ATM Foreign Transaction Fees to Children’s Miracle Network hospitals.
- Comments Due April 4 on NCUA's Proposed Rule on Succession Planning
February 4, 2022Comments on NCUA's proposed rule on succession planning are due by April 4. View the Federal Register entry here.
- CU Parity Bill Passes House Subcommittee; Could Be Heard by Full Committee Next Week
February 4, 2022Our parity powers legislation took an important step in the House of Delegates last night with a Commerce and Energy subcommittee's unanimous vote to report the bill to the full committee for its consideration.
- Regulatory Alert (22-RA-02) Submission of 2021 Home Mortgage Disclosure Act Data
February 3, 2022Credit unions located in metropolitan areas that engage in certain types and volume of residential mortgage lending, and that had assets exceeding $48 million as of December 31, 2020, must file a report this year on mortgage loan applications received during 2021. The filing is required under the Home Mortgage Disclosure Act (HMDA), as implemented by the Consumer Financial Protection Bureau’s (CFPB’s) Regulation C. Credit unions subject to HMDA requirements in calendar year 2021 must submit loan/application register data to the CFPB by March 1, 2022.
- Credit Unions Encouraged to Implement Cyber Measures to Protect Against Possible Threats
February 3, 2022Recently the Cybersecurity and Infrastructure Agency (CISA) issued an alert to urge organizations to implement immediate cybersecurity measures to protect against potential threats.