Latest News & VACUL Headlines
- NCUA Releases New Updated FAQs on CECL, Simplified CECL Tool
January 30, 2023The NCUA has released updates to its frequently asked questions on the current expected credit losses (CECL) accounting standard and its Simplified CECL Tool.
- House Passes CU Board Modernization Bill; Rep. Griffith Signed on as Co-Sponsor
January 30, 2023H.R. 582, the Credit Union Board Modernization Act, passed the U.S. House today on a voice vote. Rep. Morgan Griffith (R-9th) signed on to the measure as a co-sponsor.
- REMINDER: Tidewater Chapter Hosting Annual Meeting on Feb. 9
January 30, 2023Mike Burke, Senior Robbery and Crisis Management Consultant from Shazam, will be the featured guest speaker at the Tidewater Chapter’s Feb. 9 Annual Meeting. The Chapter will also elect its Governing Board for 2023-2025.
- League Seeks Delegation's Support for Bipartisan Credit Union Board Modernization Act
January 27, 2023Your League this week asked members of Virginia's Congressional delegation to support H.R. 582, the Credit Union Board Modernization Act. Reps. Juan Vargas, D-Calif., and Bill Huizenga, R-Mich., introduced the CUNA-League-led bill that would update the Federal Credit Union Act by modifying the requirement that credit union boards meet once a month to not less than six times per year.
- League's Blau Testifies on Bill That Sought to Prohibit Many Companies From Pulling Credit Reports on Prospective Hires
January 26, 2023League Chief Advocacy Officer JT Blau testified on credit unions' behalf this week on a bill (HB 2116) that would prohibit employers from pulling credit reports on prospective hires.
- League Closely Watching NCUA Board's Discussion on Interest Rate Ceiling; Urges Agency to 'Modernize' Approach to Interest Cap
January 25, 2023Your League will be monitoring tomorrow’s NCUA Board Meeting, particularly the Board’s planned discussion of the interest rate ceiling set for federal credit unions. “We worry that the failure of the NCUA Board to act in raising the interest rate ceiling poses an unnecessary risk to federal credit unions and their earnings, which would directly affect capital, growth and liquidity,” said League President/CEO Carrie Hunt.
- Zest AI Loves Credit Unions ... and They're Ready to Prove It By Helping You With Community Projects!
January 25, 2023We understand that credit unions not only serve their members financially, they also strive to support their communities in infinite ways. Our goal is to shine a spotlight on these efforts. Zest would like to highlight the amazing service projects credit unions are doing. This would involve Zest employees coming on-site to help. We really want to get in there with the rubber gloves and all.
- World Council 2023 Distinguished Service Award Nominations Open
January 20, 2023Nominations are open for World Council of Credit Unions’ 2023 Distinguished Service Award (DSA). First presented in 1986, this esteemed award honors individuals and institutions that have provided outstanding service to credit union development outside their home country.
- NCUA Board to Consider Interest Rate Ceiling at Jan. 26 Meeting
January 20, 2023The NCUA Board will discuss extending the Federal Credit Union loan interest rate ceiling at its Jan. 26 meeting. The Federal Credit Union Act provides a default interest rate limit for federal credit union loans of 15%, it also permits the NCUA Board to increase the rate cap if certain conditions are met. The board last voted to maintain the ceiling at 18% (in place since the late 1980s) in June 2021, meaning it must vote to approve a new ceiling by March 31, or it reverts back to 15%.
- CFPB Cracks Down on Subscription Fees
January 20, 2023The Consumer Financial Protection Bureau on Jan. 19 told companies they need to "clearly and conspicuously" disclose terms of subscription services that automatically renew or those with recurring fees—a move that could have a significant impact on banks and financial services companies.