The Chartway Promise Foundation – the charitable arm of Chartway Credit Union – hosted a successful Promise Night at the Arena on February 22, 2023, at Chartway Arena in Norfolk, VA. The event was held during the Old Dominion University Men’s Basketball game and brought together the foundation’s companion charities, supporters, board members, leaders, team members, dozens of kid heroes assisted through its grant program, and their families. 

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Nicholas Hinrichsen, CEO and co-founder of the firm Clutch, will offer a program on fintechs at the Tidewater Chapter's March 9 meeting. Nicholas will share insights on fintech partnership best practices and discuss how to choose software products that seamlessly integrate to give your credit union a unique advantage. He'll also highlight how to maximize AI decisioning.

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We are seeking your recommendations for prospective candidates for our annual awards. The Virginia Credit Union League Board will name the winners of this year’s James P. Kirsch Lifetime Achievement Award and Eugene H. Farley Jr. Award of Excellence at the Annual Meeting in Williamsburg on May 25, 2023. 

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The Governance Committee of the Virginia Credit Union League seeks your recommendations for candidates to be nominated for election to the Board of Directors. In 2023, three board seats are open for election.

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Our EPN groups in Greater Hampton Roads and NoVA are hosting events on March 14. 

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The automotive finance market is dynamic, and data in the third quarter of 2022 showed us this again. Credit unions have become the auto financier of choice for consumers: Experian’s “State of the Automotive Finance Market Report: Q3 2022” found that credit unions snagged the largest overall market share, making up 28.44%, from 20.21% in Q3 2021. It’s noteworthy that credit unions surpassed captives and banks for the first time in history – with captives decreasing from 26.64% to 21.89% year-over-year, and banks going from 32.51% in Q3 2021 to 27.32% this quarter.

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As part of our advocacy initiatives at GAC, your League has scheduled meetings with the offices of every current member of our Congressional delegation. Credit unions: Please join us for any meetings your schedule allows to share your credit union's work to serve members and your community!

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Unofficial results have state Sen. Jennifer McClellan winning a seat in the U.S. House of Representatives following Tuesday’s special election for the 4th Congressional District seat. “Virginia’s credit unions congratulate Sen. McClellan,” said League President/CEO Carrie Hunt, “and we look forward to working with her in her new role as a member of Congress. We remain actively engaged with each member of our Congressional delegation on a host of federal issues that directly affect us and our members, including data privacy and security measures, interchange and overdraft services.”

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The General Assembly has passed HB1727, credit unions’ virtual currency custody services bill, following a final unanimous vote in the House on Monday. The bill heads to the governor's desk for his signature, and if approved, it will become law. The governor has until March 27 to sign the measure.

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While quarter-to-quarter changes may or may not indicate an overall trend regarding CAMELS codes, it's worth examining the change in the last three months. Let's examine the amount of assets and shares at higher risk credit unions.

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