Latest News & VACUL Headlines
- Bill to Freeze Virginia’s Minimum Wage Increase Passes House of Delegates
February 2, 2022A bill (HB320) to freeze Virginia’s minimum wage at $11 an hour and stop an increase set for next year passed the House of Delegates on a party-line vote Tuesday, but the measure will likely fail in the state Senate.
- FASB Eliminates TDR Requirements for CECL Adoptees
February 2, 2022The Financial Accounting Standards Board Wednesday agreed to a CUNA-supported update to the current expected credit loss (CECL) standard. CECL is an accounting standard that recognizes lifetime expected credit losses.
- Credit Union System Digitization Group Releases 2021 End-of-Year Report
February 1, 2022The Credit Union System Digitization Working Group released its 2021 End-of-Year Report, which includes the latest insights from credit union leaders who are creating an industrywide roadmap for digitization. For the second half of 2021, the Credit Union System Digitization Working Group developed a framework for benchmarking and self-assessment tools that will help credit unions execute new and existing digital strategies.
- FASB to Meet This Week With Items of Interest to CUs on the Agenda
February 1, 2022The Financial Accounting Standards Board (FASB) is set to meet Wednesday, and the agenda includes several items of interest for credit unions.
- Virginia Could Kill Its First-in-U.S. Workplace Covid-19 Measure
February 1, 2022Virginia officials may rescind the state’s first-in-the-nation standard for protecting workers from COVID-19 infections.
- Credit Unions Grow Branch Count While Banks Slash Locations
February 1, 2022Credit unions are adding branches at a time when most banks are closing them amid the increasing digitization of finance.
- Crashers Return in Person to CUNA Governmental Affairs Conference
January 31, 2022The 2022 class of GAC Crashers includes emerging credit union leaders representing diverse roles, experiences and backgrounds across 47 states, including Virginians Melissa Haston, a communications specialist and Matthew Hausknecht, a Loss Mitigation Manager, both with Chartway Federal Credit Union.
- Compliance: MLA Card Fee Spreadsheet Updated for 4Q 2021
January 31, 2022CUNA has updated its Military Lending Act (MLA) credit card fee spreadsheet for the fourth quarter of 2021. The updated resource can be found in the CUNA Compliance Community’s “CUNA Compliance Tools” folder in the file share library, and under the “Resources” tab in CUNA’s MLA e-Guide.
- CFPB Report Shows Criminal Justice Financial Ecosystem Exploits Families at Every Stage
January 31, 2022The Consumer Financial Protection Bureau (CFPB) today published a review of the financial issues facing people and families who come in contact with the criminal justice system. The report, “Justice-Involved Individuals and the Consumer Financial Marketplace,” describes an ecosystem rife with burdensome fees and lack of choice, and where families are increasingly being forced to shoulder the costs.
- Loans Should Grow 9% in 2022, Notes Latest Trends Report
January 31, 2022A new report is forecasting credit union loan growth of 9% in 2022 (even as the smallest CUs show negative growth), while the pace of deposits will slow and membership will rise slightly, according to CUNA Mutual’s Trends Report.