Latest News & VACUL Headlines
- House Committee OKs CU Secondary Capital Bill
January 20, 2022Our credit union bill (HB268) that would fix the Virginia statute so that the NCUA’s Subordinated Debt Rule will not be in conflict with the Virginia Code passed the House Commerce and Energy Committee today without opposition.
- US Bank Branch Closures Increase 38% to New Record High in '21
January 20, 2022In 2020, U.S. banks set a new record for shuttering retail branches as more consumers bank digitally. In 2021, banks shattered that record — by 38%.
- Letter to Federal Credit Unions (22-FCU-01) Operating Fee Schedule Adjusted for 2022
January 20, 2022In December, the NCUA Board unanimously approved a new budget. As a result of that decision and other factors, federal credit union operating fees will decrease by an average of 23.7 percent in 2022.
- CFPB Releases Report on Diversity and Inclusion within Financial Services
January 19, 2022Today, the Consumer Financial Protection Bureau’s Office of Minority Women and Inclusion (OMWI) released the CFPB Report on Diversity and Inclusion within Financial Services. As part of the mandate of Section 342 of the Dodd-Frank Act, the Bureau’s Office of Minority and Women Inclusion (OMWI) is charged with developing standards for assessing diversity and inclusion at the financial entities the Bureau regulates.
- Two CUs Receive Grant Funds to Aid Small Businesses
January 19, 2022The Virginia Small Business Resiliency Fund program has provided more than $9.7 million in grants for 12 projects throughout the Commonwealth, including projects for Freedom First Credit Union and Peoples Advantage Federal Credit Union.
- CU 'Secondary Capital' Bill Passes Senate Committee
January 18, 2022Our credit union bill (SB326) that would fix the Virginia statute so that the NCUA’s Subordinated Debt Rule will not be in conflict with the Virginia Code passed the Senate Commerce and Labor Committee yesterday without opposition.
- Liability for Wire Fraud Schemes Targeting Real Estate Closings
January 18, 2022Credit unions and their members continue to be victimized in a wire transfer fraud scheme designed to steal the funds needed to close real estate transactions. Purchasers intending to pay for the property using their personal funds are particularly vulnerable to this scam. Upon finding an upcoming closing, fraudsters send a spoofed email containing “updated wire instructions” to the credit union / lender or the member/purchaser.
- Webinar Jan. 19: Wire Transfer Fraud & Compliance
January 18, 2022Join CUNA Mutual Group's expert risk management panelists as they share insights, perspectives, and mitigation tips related to top-of-mind risks like fraudulent instruction and business email compromise. Hear what you can do to prepare your credit union in 2022.
- Record Number of Credit Union-Bank Deals Expected in 2022
January 18, 20222022 is shaping up to be another record-breaking year for credit union acquisitions of banks.
- Submission for 2021 Voluntary Credit Union Diversity Self-Assessment Extended to Jan. 31, 2022
January 18, 2022The NCUA has extended the deadline for credit unions to submit the 2021 voluntary Credit Union Diversity Self-Assessment. Submissions for 2021 will now be accepted until January 31, 2022. After that date, the self-assessment portal will remain open, but submissions will become part of the 2022 data set.