Latest News & VACUL Headlines
- NCUA Provides Updates on Examination Program
January 20, 2022NCUA’s latest Letter to Credit Unions (22-CU-02) provides credit unions with an update on the agency’s examination programs. It also covers NCUA’s supervisory priorities for 2022.
- Consumer Financial Protection Bureau to Examine Colleges’ In-House Lending Practices
January 20, 2022Today, the Consumer Financial Protection Bureau (CFPB) announced it will begin examining the operations of post-secondary schools, such as for-profit colleges, that extend private loans directly to students. The CFPB is issuing an update to its exam procedures, including a new section on institutional student loans.
- League Seeks Participants for 2022 Credit Union Day at the General Assembly
January 20, 2022Join us Jan. 27 to lobby for our credit union legislation! Due to COVID-19, we are limiting the number of individuals to 27 who can participate in-person at this year’s Credit Union Day at the General Assembly. We have two credit union-specific bills this session - a secondary capital measure (companion bills HB268 and SB326) and a parity powers measure (companion bills HB209 and SB329)!
- Americans Pay $120 Billion in Credit Card Interest, Fees Each Year
January 20, 2022CFPB said today it will focus on ensuring a more fair, transparent, and competitive credit card market. It will (1) Uncover unfair, anticompetitive practices; (2) Make it simpler to compare, switch, or refinance your credit card; and (3) Scrutinize junk fees.
- Phase Out of 3G Cellular Networks Sets Off Alarm for Potential Updates
January 20, 2022Mobile carriers are shutting down their 3G networks, which rely on older technology, to make room for more advanced network services, including 5G. As a result, it is important to ensure your credit union alarm systems and networks that contain a cellular component are upgraded so your service and protection are not disrupted. Failure to do so may result in a signal not being received by the central monitoring station and delaying the dispatching of first responders.
- 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.