Latest News & VACUL Headlines
- 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.
- League, CU Reps Attend Events in Washington as 118th Congress Begins
January 6, 2023League President/CEO Carrie Hunt and Chief Advocacy Officer JT Blau traveled to Washington this week to meet with Virginia's Congressional Delegation and participate in CUNA’s welcome reception on Wednesday at the U.S. Capitol Visitor Center. League Chairman Joe Thomas (NextMark Credit Union) and staffers from the credit union who are members of the League’s Emerging Professionals Network also attended the reception
- Number of CUs Opting into Streamlined Framework Increased in Q3
January 6, 2023The number of credit unions opting into a new, streamlined framework for reporting their complex credit union leverage grew in the third quarter, as did the number opting into the framework via a two-quarter grace period.
- Regulatory Agencies Release Rulemaking Agendas
January 6, 2023Federal agencies released their latest Unified Rulemaking Agenda this week with several items of concern to CUNA and your League. The agenda includes actions the agencies plan to take in the near or long term but is not a definitive schedule with specific timelines. The Consumer Financial Protection Bureau lists an overdraft “pre-rule” and Section 1071, Small Business Lending Data Collection final rule on its agenda.
- Ihrig Outlines NCUA Supervisory Priorities
January 4, 2023Jared Ihrig, CUNA’s chief compliance officer and counsel, provided an update of NCUA supervisory priorities for 2023, which include credit risk management, cybersecurity, payment systems, BSA/AML compliance, CECL, and interest rate risk, among others.
- CFPB Will Look Into New Credit Bureau Rules, Chopra Says
January 4, 2023Consumer Financial Protection Bureau Director Rohit Chopra said Tuesday that new regulations could be on the horizon for major credit bureaus when his agency released a report highlighting improvements in their consumer complaint handling while also flagging continued concerns.