Latest News & VACUL Headlines
- Homebase Credit Union CEO Patsy Stuard to Retire
December 9, 2022Following a 45-year career with Homebase Credit Union, CEO Patsy Stuard will retire Feb. 2, 2023. Mrs. Stuard began working at the credit union in 1978. During her tenure, she held almost every position within the organization.
- Odds Drop for Cannabis Banking Bill in 2022
December 9, 2022The chances of cannabis banking legislation passing this year have dimmed after the measure was excluded from the must-pass National Defense Authorization Act, financial analysts said.
- Senate Banking Committee Outlines Priorities for 2023
December 9, 2022The Senate Banking Committee outlined the priorities of its Democrat majority for 2023. Included in the to-do list is addressing cryptocurrency and shadow bank risk, affordable housing, public transportation, climate-related risks, consumer protection and consumer debt, and defending the Consumer Financial Protection Bureau.
- House Votes to Ease FIs' Hiring of Ex-Convicts
December 9, 2022The House of Representatives on Thursday passed its version of the National Defense Authorization Act, including provisions to make it easier for financial institutions to hire rehabilitated ex-convicts — something that FIs and regulators have been pushing for years.
- League's Compliance Roundtable Covers CFPB's Focus on Consumer Fees, Consumer Report Disputes
December 8, 2022Your League on Wednesday held its final quarterly Compliance Roundtable of 2022, with compliance attorney Jay Spruill covering several key topics of interest, including CFPB’s intense focus on overdraft and returned check fees.
- BayPort Credit Union Helps Fund $500,000 ACT Grant for New Virginia Beach City Public Schools Renewable Energy Technologies Program
December 8, 2022BayPort Credit Union and HII’s Newport News Shipbuilding division announced today the awarding of the $500,000 Accelerating Change Together (ACT) Grant to the Virginia Beach Education Foundation.
- Subordinated Debt Rule Would Help Lending to Underserved Communities
December 8, 2022CUNA supports NCUA’s subordinated debt proposal, it wrote to the agency in comments filed Monday. The current subordinated debt rule limits the maturity of Subordinated Debt Notes to a maximum of 20 years and terminates regulatory capital treatment for Grandfathered Secondary Capital (GSC) after 20 years beginning on the later of the date of issuance or Jan. 1, 2022.
- NCUA Notes End of Emergency Exemption for Certain In-Person Meeting Requirements, But League Pleased to See Some Flexibility Measures Remain
December 7, 2022In a Letter to Federal Credit Unions (22-FCU-03), NCUA notes that emergency exemptions from certain in-person meeting requirements for federal credit union boards will expire at year-end 2022. However, of note for federal credit unions, the agency says in its letter that some measures offering flexibility as it relates to meeting and meeting notice requirements will remain, including measures for which your League fought.
- CUNA Backs Senate Bill to Close ILC Loophole
December 7, 2022CUNA supports a bill to close the industrial loan company (ILC) loophole, introduced Tuesday by Senate Banking Committee Chairman Sherrod Brown, D-Ohio, Sen. Bob Casey, D-Pa., and Sen. Chris Van Hollen, D-Md. The bill would close a loophole that allows ILC to gain all of the advantages of an FDIC-insured bank charter.
- Proposed CDFI Fund Application Would Exclude ‘Significant Swaths’ of CUs
December 6, 2022The Treasury’s Community Development Financial Institutions (CDFI) Fund’s proposed certification application contains multiple provisions that would inappropriately exclude credit unions doing good work, CUNA wrote to the CDFI Fund Monday.