Latest News & VACUL Headlines
- Appeals Court Blocks Biden’s Student-Loan Forgiveness Program
November 15, 2022A federal appeals court ordered a halt to the Biden administration's plan to forgive hundreds of billions of dollars in student debt, in response to a suit filed by six states to challenge the debt relief, The Wall Street Journal reported. Last week, U.S. District Judge Mark Pittman in Texas ruled that the government's student loan forgiveness plan is unlawful.
- FTX’s Downfall Shows CFTC Needs More Crypto Sway, Chairman Says
November 15, 2022The collapse of Sam Bankman-Fried’s FTX crypto exchange adds urgency to a Washington push to transform the Commodity Futures Trading Commission into a top crypto watchdog, according to the head of the derivatives regulator.
- NCUA Chairman Harper Testifies on State of the Credit Union Industry at Senate Hearing
November 15, 2022NCUA Chairman Todd M. Harper, along with other financial regulatory agency principals, testified today at a hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
- NCUA Board Meeting Thursday Has Light Agenda
November 15, 2022When the NCUA Board meets on Thursday the agenda will be a brief one, with only a quarterly briefing on the Share Insurance Fund (SIF) on the agenda. During the agency’s previous SIF briefing, the fund’s assets totaled $20.3 billion – a decline of $320.2 million from the first quarter of 2022 primarily due to an unrealized loss in Treasury investments. The six-month projection of the equity ratio was 1.30% for the period ending Dec. 31, 2022.
- NAFCU Calls Attention to CU Priorities Ahead of Hearing with NCUA’s Harper
November 15, 2022The Senate Banking Committee today will hold an oversight hearing with federal financial regulators’ leaders, including NCUA Chairman Todd Harper. Ahead of the hearing, NAFCU sent a letter detailing legislative priorities for credit unions to ensure they can effectively serve their members and operate in a fair regulatory environment.
- League Announces Winners of State-Level Social Responsibility Awards
November 15, 2022The Virginia Credit Union League was proud to present the 2022 state-level Dora Maxwell Social Responsibility Community Service Award, the Louise Herring Philosophy-in-Action Member Service Award and the Desjardins Awards for Financial Education at a recognition ceremony on Nov. 10 in Richmond. The awards are given annually at the state and national levels, with credit unions competing in categories based on their total assets.
- ValleyStar Credit Union Announces New SVP of Credit Administration
November 15, 2022ValleyStar Credit Union announces Misty Reed as its senior vice president of credit administration. Her role will focus on process automation, building relationships with external parties and communicating insights critical to ValleyStar Credit Union’s evolution.
- Divided Government to Benefit Credit Unions
November 14, 2022Americans voted overwhelmingly last week for a divided government, an outcome that NAFCU and CUNA think will give an edge to credit unions.
- Tidewater Chapter Recognizes Retiring Leader, Volunteer Leigh Ann Graham
November 14, 2022The Tidewater Chapter honored longtime volunteer and past Chapter president Leigh Ann Graham (of Beach Municipal Federal Credit Union) on Nov. 10 at a special meeting celebrating her leadership of the Chapter and her retirement next month from the credit union.
- J.P. Morgan, Mastercard Launch Open Banking Payment Tool
November 14, 2022JPMorgan Chase & Co.'s payments division, J.P. Morgan Payments, and Mastercard Inc. launched Pay-by-Bank, an Automated Clearing House payment service. The solution employs the open banking method, which allows consumers to share their financial data between parties and pay bills directly from their bank accounts. For billers and merchants, Pay-by-Bank automates consumer onboarding and eliminates the risk and cost of storing bank account information.