Latest News & VACUL Headlines
- Biden Has a Plan B for Student Debt Relief
January 11, 2023The Biden administration is pushing forward with another approach to tackling the student debt crisis while its main initiative, a plan to forgive up to $20,000 in student loans per borrower, remains mired in legal limbo.
- League Congratulates Newly Elected General Assembly Members
January 11, 2023The General Assembly convenes today, with winners of yesterday’s special elections making the trek to Richmond to be sworn in. “We congratulate the winners of each of these special elections and salute them for their willingness to represent their constituents and serve the Commonwealth,” said League President/CEO Carrie Hunt. “We look forward to working with each new member to educate them about credit unions and our legislative priorities.”
- CUNA Mutual Group Webinar Set for Jan. 18: Emerging Risks
January 11, 2023Keeping ahead of the ever-changing risks that are impacting credit unions requires keen awareness, effective preparation, and loss control scrutiny. While each credit union has its own unique risk footprint, this Jan. 18 session will introduce risks that should be on your radar.
- NAFCU Compliance Blog: Are Rates Required to Be Posted on Credit Union Websites?
January 11, 2023Are credit unions required to post rates to their websites? While there are no requirements to do so, credit unions should note that there are rules in section 707.8 regarding advertising that would likely apply if the credit union does post rates online. The commentary advises on permissible rates...
- Sign Up Now to Receive NCUA’s New Financial Literacy, Outreach Newsletter
January 11, 2023The National Credit Union Administration invites credit unions, educators, and others to sign up for its new email newsletter on financial literacy.
- League Advocacy Team Visits Lawmakers as General Assembly Convenes
January 11, 2023Your League's advocacy team visited lawmakers today as the Virginia General Assembly convened for its 2023 session.
- CFPB Proposes Rule to Rein in Nonbank Arbitration Contracts
January 11, 2023The Consumer Financial Protection Bureau proposed a rule Wednesday to rein in arbitration clauses in a second attempt to block companies from limiting consumers' legal rights or their ability to sue or remedy alleged violations of consumer protection laws.
- League-Driven Credit Union Bill Introduced in General Assembly
January 10, 2023We have a bill number for our digital asset legislation! HB1727 would permit any credit union in the Commonwealth to engage in virtual currency custody services to the same extent as any bank. Banks won this authority last session. The bill would allow credit unions to secure private keys for their members’ digital assets in a manner similar to a safe deposit box, with the member retaining control of the asset and the credit union simply securing it.
- Credit Unions Getting More Strategic to Seek Out Bank Targets
January 9, 2023Credit unions ended 2022 with a spurt of bank deal activity, and deal advisers expect the momentum to continue in 2023. Lingering economic uncertainty and the impact of rising interest rates in 2022 muted banks' M&A interest, leading to a slowdown in deal activity. But credit unions are not feeling deterred by those same factors and should continue scooping up banks this year, deal advisers told S&P Global Market Intelligence.
- If the Supreme Court Strikes Down Student-Loan Forgiveness, It Could Have 'Startling Implications,' Biden Says
January 9, 2023It's a critical year for millions of student-loan borrowers as Biden's plan to cancel up to $20,000 in student debt will have its day at the Supreme Court on February 28. For over two months, implementation of the relief has been blocked due to two lawsuits against the administration. One was filed by two student-loan borrowers who did not qualify for the full $20,000 amount of relief, and another by six Republican-led states who said the relief would hurt their states' tax revenues, along with that of student-loan company MOHELA.