Latest News & VACUL Headlines
- CFPB Creates Repeat Offender Unit
November 21, 2022In an effort to clamp down on repeat offenders, the Consumer Financial Protection Bureau created a Repeat Offender Unit focused on enhancing the detection of offenses that are happening on a recurring basis. The bureau is developing a process for rapid review and response mechanism designed to address the root cause of violations and also recommending corrective actions to stop the behavior.
- Recession Fears Receded this Earnings Season
November 21, 2022Investors appear to have traded in their fleece vests for crystal balls — everyone on Wall Street seems to have a recession prediction. But lately, shouts of recession have become a bit quieter, and a growing group of economists say that any downturn will likely be mild. So can the United States avoid a serious recession?
- Mortgage Bankers Record Largest Average Loss Since 2008
November 21, 2022Marina Walsh, MBA's vice president of industry analysis, called the latest quarter's results "sobering news," given that the third quarter is generally the strongest of the year for the industry.
- Agencies Issue Cybersecurity Advisory on Latest Hive Ransomware Variants
November 21, 2022The Cybersecurity and Infrastructure Security Agency (CISA), the Federal Bureau of Investigation (FBI), and the Department of the Health and Human Services (HHS) released a joint Cybersecurity Advisory (CSA) with technical details associated with Hive ransomware variants identified through FBI investigations as recently as November 2022.
- League Announces 2023 Events, Education Calendar
November 21, 2022Your League is pleased to share its 2023 event and education calendar!
- 2 Trade Groups Call for ‘Clean’ NDAA, With No Language Related to Credit Cards, NCUA Oversight of Third Parties
November 21, 2022As Congress prepares final action on the fiscal year 2023 National Defense Authorization Act (NDAA), NAFCU and the Defense Credit Union Council (DCUC) are calling for a “clean” NDAA and reject amendments they say “stand to place new burdens and hardships on credit unions.”
- BayPort Donates Backpacks, Books to Local Students
November 21, 2022BayPort Credit Union today announced it has donated 500 backpacks to the Boys & Girls Clubs of the Virginia Peninsula (BGCVP), which serves youth across the Virginia Peninsula and surrounding communities including Newport News, Hampton, York, Gloucester, and Mathews County. In addition to the backpack donation, BayPort presented BGCVP a $1,000 Amazon gift card to help purchase new books for their “Power Hour” programming.
- Virginia's Credit Unions, League Honor DeTuncq, Gull with Induction into Wall of Fame
November 18, 2022Virginia's credit unions and the Virginia Credit Union League recognized recently retired UVA Community Credit Union President and CEO Alison DeTuncq and longtime Chartway Credit Union Board member and former chairman E.L. “Lou” Gull, Jr. at a special ceremony on Nov. 10, which marked their official induction into the Credit Union House of Virginia's Wall of Fame.
- Pelosi Steps Down as House Democratic Leader
November 17, 2022After leading the Democrats for the last two decades, House Speaker Nancy Pelosi announced Thursday that she will step down next year from her spot at the top of the party, closing a momentous run for the most powerful woman in U.S. history while clearing the way for a younger generation of up-and-coming lawmakers to climb into the leadership ranks.
- Share Insurance Fund Reports Strong Performance in the Third Quarter
November 17, 2022NCUA’s Chief Financial Officer briefed the NCUA Board today on the performance of the National Credit Union Share Insurance Fund for the quarter ending on September 30, 2022. The Share Insurance Fund reported a net income of $26.2 million, $20.2 billion in assets, and $73.7 million in total income for the third quarter of 2022. The equity ratio for the Fund remains at 1.26 percent.