Latest News & VACUL Headlines
- League President Carrie Hunt Issues Statement on CUNA, NAFCU Merger Announcement
August 1, 2023With the news today that the Credit Union National Association (CUNA) and the National Association of Federally Insured Credit Unions (NAFCU) intend to merge, League President/CEO Carrie Hunt offered her perspective on the potential impact for Virginia’s credit unions.
- Richmond-Area Golf Tournament Raises $8,000 for VACUPAC
August 1, 2023Henrico Federal Credit Union, Richmond-area credit unions and credit union business partners presented an $8,000 check to VACUPAC this week to support Virginia credit unions' advocacy work. Henrico FCU hosts and coordinates the annual Bill Dawson VACUPAC Golf Tournament in support of the Virginia Credit Union Political Action Committee (VACUPAC), the political action committee for Virginia-based credit unions. The tournament is named in honor of the late Bill Dawson, a longtime volunteer on the Henrico FCU board of directors and a champion for state credit unions' advocacy work, including political fundraising.
- Federal Court Halts CFPB Small Business Lending Rule for Some
August 1, 2023Monday, a federal court in Texas delayed the implementation of the CFPB’s small business lending data reporting rule for the bankers’ associations that filed a lawsuit challenging the rule until the Supreme Court rules on the constitutionality of the bureau’s funding structure. The Supreme Court is scheduled to hear arguments for the case Oct. 3.
- CFPB Releases Blog Post Favoring Use of Self-Reported Cash Flow Data in Credit Underwriting
August 1, 2023On July 27, the Consumer Financial Protection Bureau (CFPB) released a new blog post, positing that cashflow data, broadly defined as the various inflows, outflows, and accumulated amounts in a consumer’s checking and savings accounts, may provide lenders with a better picture of a consumer’s ability to repay their loans than using a credit score.
- Vizo Financial Raises $12,000 for 10th Anniversary Hot Dog Eating Contest
August 1, 2023It was a true Decade of Dogs celebration at Vizo Financial’s 10th Annual Hot Dog Eating Contest, which raised a total of $12,000 for Children’s Miracle Network Hospitals at Penn State Health Children’s Hospital. This year’s 10th-anniversary contest took place on July 19, 2023, and had 26 sponsors, nine contestants and three prizes.
- Member Expulsion Part 3: The Hearing, the Vote, and Requests for Reinstatement
July 28, 2023Welcome back to our series on the NCUA's Final Rule on Member Expulsion! In Part 1 we covered the criteria for expulsion, and in Part 2 we walked through all the required notices involved in this process. Today we're looking at the expulsion hearing with the member, the Board vote, and requests for reinstatement. Let's dive in.
- Voice of CUs Heard on Capitol Hill; Senate Passes NDAA Without Interchange
July 28, 2023The U.S. Senate passed its version of the National Defense Authorization Act (NDAA) for fiscal year 2024 Thursday night without the interchange amendment the credit union industry fought to exclude.
- League Offers Scholarships to Attend Upcoming Small CU Conferences in Pennsylvania, Alabama
July 26, 2023Your League is joining CUNA and other Leagues to host two regional conferences for small credit unions in 2023. Geared toward management and board members, these low-cost events will focus on how smaller credit unions can strengthen their operations and remain competitive long into the future. Your League is pleased to offer scholarships for these events to qualifying credit unions.
- You're on Notice: Part 2 of the NCUA's Member Expulsion Rule Breakdown
July 25, 2023Today we're taking a look at the required notices. There's several steps to expelling a member through this process, and it's critical to make sure you've dotted your "i"s and crossed your "t"s. Part of that is sending all of the required notices with the required content.
- Expelliarmus! NCUA Issues Final Rule on Member Expulsion
July 21, 2023At Thursday's meeting of the NCUA Board, the Board voted unanimously to approve the Final Rule on an additional avenue for member expulsion. Today we'll be going over the eligibility aspect: what member behavior qualifies them for expulsion under this new process, and what doesn’t? Let's dive in.