Latest News & VACUL Headlines
- 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.
- What the Exit of Facebook's Diem Means for Bank Stablecoins
January 31, 2022Meta's ambitions to back a cryptocurrency appear finished for now after the sale of the Diem stablecoin's assets, and the implications go beyond one company's retreat from the market. Diem has sold its technology assets to Silvergate Capital for $182 million. The federal government has signaled that it will likely require stablecoin issuers (American Banker article) to be either chartered banks or regulated in a nearly identical manner. That places existing chartered banks, including Silvergate, in a potentially favorable position over nonbank stablecoin issuers.
- Chartway Proudly Congratulates Two Leaders
January 28, 2022Chartway is proud to announce the promotion of two leaders to oversee its member solutions center. Zenesha Boney has been selected as Chartway’s director of alternative channels. Additionally, long-time team member, Mary Chavez, has been promoted to director of the member solutions call center.
- Virginia's Consumer Data Privacy Act Takes Effect January 2023
January 28, 2022We are less than one year away (Jan. 23, 2023) from Virginia’s Consumer Data Privacy Act (CDPA) becoming the law of the land. The provisions in the CDPA will affect businesses across the country, not just those based in Virginia.
- NCUA Issues Succession Planning Proposal
January 28, 2022NCUA issued a proposed rule on succession planning and heard briefings on supervisory priorities and the Central Liquidity Facility (CLF) Thursday. The board also finalized a rule on statutory inflation of civil money penalties. Comments on the succession planning proposal are due by April 4. View the Federal Register entry.
- Cybersecurity, Talent Recruitment Top 2022 Banking Concerns: CSI Survey
January 28, 2022Financial institution executives reported fighting cybercrime as their top concern for 2022, followed closely by recruiting and retaining talent amid the Great Resignation, according to a new survey from Computer Services, Inc. (CSI), a Paducah, Ky.-based provider of fintech and regtech solutions.