Latest News & VACUL Headlines
- European Network of Credit Union Members Urge Proportionality in EU
December 6, 2021Facing a slew of reforms that could impact the ability to serve their communities, members of the European Network of Credit Unions (ENCU) spent the past two weeks urging various European Union (EU) policymakers to apply proportional treatment to credit unions on several items coming up in the European Parliament’s legislative term. Through the World Council of Credit Unions, the Virginia League is a longtime partner with the Estonian Union of Credit Cooperatives, one of the participating members in ENCU.
- No End in Sight for US banks' Record-Breaking Branch Closure Spree
December 6, 2021U.S. banks are looking to do more with less by rapidly consolidating their branch footprints and reinvesting resources into digital channels. Since the onset of the COVID-19 pandemic, a number of U.S. banks have drastically reduced their branch footprints. Among U.S. banks that had at least 10 net branch closures since Jan. 1, 2020, 14 have closed at least 20% of their footprints and an additional 10 have closed at least 15%.
- CFPB Takes Aim at Overdraft Fees
December 2, 2021The Consumer Financial Protection Bureau (CFPB) released a report on financial institutions’ reliance on overdraft fees Wednesday. According to the agency, revenues reached an estimated $15.47 billion in 2019. It also said it intends to take "action to restore meaningful competition to this market."
- Agencies Announce Dollar Thresholds in Regulations Z and M for Exempt Consumer Credit and Lease Transactions
December 2, 2021The Federal Reserve Board and the Consumer Financial Protection Bureau have announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2022 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing).
- FHA Publishes 2022 Nationwide Home Equity Conversion Mortgage Limits
December 1, 2021The Federal Housing Administration (FHA) published Mortgagee Letter 2021-29, 2022 Nationwide Home Equity Conversion Mortgage (HECM) Limits, yesterday which provides the Calendar Year (CY) 2022 maximum claim amount for FHA-insured traditional HECM, HECM for purchase, and HECM-to-HECM refinances. Read the press release here.
- Small Business Data Collection: Share Your Concerns With CFPB
November 30, 2021As you know, the CFPB recently issued a proposed rule that would require financial institutions to collect and report data on the credit applications of small businesses. The CFPB needs to hear from credit unions on this. TAKE ACTION NOW
- CUs Gear Up for Renewed Fight in Senate Over IRS Reporting Requirements
November 30, 2021Our fight over new IRS reporting requirements continues. While the U.S. House of Representatives recently passed the Build Back Better bill without the IRS reporting requirement, the fight in the U.S. Senate is growing more heated, led, in part, by one of Virginia's own - Sen. Mark Warner. We will need your continued support on this!
- League Supports Marijuana Banking Provisions' Inclusion in NDAA
November 30, 2021Your League has contacted the office of Sen. Tim Kaine to express support for keeping the marijuana banking provisions added by the House in the National Defense Authorization Act for Fiscal Year 2022 (NDAA). Sen. Kaine is a member of the Armed Services Committee. We are keenly interested in the marijuana banking provisions added by the House, given that the Commonwealth is legalizing adult-use cannabis.
- ValleyStar Credit Union Opens Doors to New Location
November 29, 2021ValleyStar Credit Union will open the doors of its new administrative building in the Summit View Business Park in Rocky Mount, on Dec. 10.
- NextMark CU CEO Joe Thomas Re-Elected to CUNA Board
November 29, 2021NextMark Credit Union CEO Joe Thomas has been re-elected to the CUNA Board. Thomas also serves on the League Board of Directors.