Latest News & VACUL Headlines
- U.S. Begins ‘Extraordinary’ Steps to Avoid Debt Ceiling
January 20, 2023The Biden administration began “extraordinary measures” Thursday to prevent the federal government from breaching its debt limit and hurtling toward default, a grim scenario with the potential to destabilize markets and devastate the economy. Treasury Secretary Janet L. Yellen told lawmakers that officials will alter certain federal investments to preserve the nation’s credit until summer — largely through technical moves that will buy lawmakers time to pass legislation that raises or suspends the amount the government is allowed to borrow, currently capped at $31.4 trillion.
- League’s Blau Testifies Before State Senate Committee in Support of CDFI Measure
January 20, 2023League Chief Advocacy Officer JT Blau testified Wednesday in support of a CDFI bill before a state Senate committee. SB1320 codifies the Virginia Community Development Financial Institutions Fund, originally created in the 2021 Appropriation Act, and establishes the Virginia Community Development Financial Institutions Program to carry out the purposes of the Fund.
- Credit Union Day 2023: CUs Meet with Lawmakers In Support of Legislation; Showcase 'Credit Union Difference'
January 19, 2023More than 170 credit union advocates gathered in Richmond today for Credit Union Day at the General Assembly, lobbying for continued support of HB1727, credit unions' digital assets custody services bill, and showcasing the "Credit Union Difference" by sharing our service to members and our communities.
- Could Credit Card Late Fees Drop to $10?
January 19, 2023Credit card late fees could drop dramatically under a proposal expected to be released soon by the Consumer Financial Protection Bureau. Some analysts are predicting that late fees could be cut in half to as low as $15, while consumer advocates want the CFPB to reduce late fees to as low as $9 or make them proportional to the debt owed by a cardholder.
- Aaron Rouse Sworn into Virginia Senate
January 18, 2023Aaron Rouse was sworn into the Virginia Senate Wednesday, filling an open seat that gives Democrats a 22-18 majority in the chamber. State Sen. Rouse (D-Virginia Beach) defeated Republican Kevin Adams in a Jan. 10 special election for the state Senate seat once held by Rep. Jen Kiggans (R-Va.) before her congressional victory in the 2022 midterms.
- CFPB Says Servicers Should Offer Loss Mitigation Beyond COVID Hardships
January 18, 2023The Consumer Financial Protection Bureau said it expects mortgage servicers to continue offering forbearances, deferrals and loan modifications to consumers experiencing financial hardships unrelated to the COVID-19 pandemic.
- HB1727, CUs' Digital Asset Custody Services Bill, Passes the House
January 17, 2023HB1727, our credit union bill, had its third and final reading on the House floor today, meaning it has officially passed the chamber and moves to the state Senate for consideration.
- Credit Union Day at the General Assembly: 170 CU Advocates Joining Us at the Capitol on Thursday!
January 17, 2023More than 170 credit union advocates representing 38 credit unions from across the Commonwealth will gather at the state Capitol on Thursday for Credit Union Day at the General Assembly.
- 3 Virginians Among the 2023 GAC Crashers
January 13, 2023The 2023 GAC Crashers have been tapped from the largest applicant pool of credit union rising leaders in the program’s 14-year history. Three Virginians are among those selected to Crash the GAC: Courtney Gray - Marketing & Business Development Manager- Spectra Credit Union; Stephanie Potter - VP of Brand - ValleyStar Credit Union; and Tyjai Richardson - Member Liaison Specialist - Chartway Federal Credit Union
- CU's Digital Asset Custody Services Bill Passes House Committee in Unanimous Vote
January 13, 2023Credit unions won a victory Thursday, with our virtual currency custodian bill (HB1727) reporting out of the House Commerce and Energy Committee on a unanimous 22-to-0 vote. It now moves to the House floor for consideration. Passage in the House will send the measure to the state Senate for consideration.