Latest News & VACUL Headlines
- 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.
- 3Q2022 Credit Union Profile Available
December 5, 2022Your League has published the 3Q2022 edition of the Credit Union Profile, which provides an overview of Virginia-based credit unions' performance, key statistics and important trends.
- Supreme Court Likely to Rule that Biden Student Loan Plan is Illegal, Experts Say
December 5, 2022The fate of the Biden administration’s sweeping student loan forgiveness plan now rests with the Supreme Court. That may be bad news for borrowers, say legal and higher education experts. The court’s conservatives have been very aggressive in striking down the decisions of Congress and the president, experts say.
- Credit Union Welcomes Belinda Tucker as Chief Operating Officer
December 5, 2022UVA Community Credit Union is pleased to announce the hiring of Belinda Tucker as Chief Operating Officer (COO). The position of COO reports to Credit Union President/CEO, Susan Gruber, and will support the Credit Union’s marketing, retail delivery strategy, loan servicing, operations, Member Service Center, and member experience departments.
- Homebase Federal Credit Union Names President/CEO
December 5, 2022Prince George, Va.-based Homebase Federal Credit Union named Clint Summers its next president and CEO, according to a press release posted on CUInsight Dec. 1. Summers will succeed CEO Patsy Stuard, who is set to retire. Summers was previously COO at Missoula, Mont.-based Clearwater FCU.