Home Info Newsroom CURRENT Newsletter Current (July 25, 2019)

CURRENT Newsletter | 25 July 2019

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Headline News

Regulatory / Compliance News

Financial Services / Marketplace News

Education / Networking Opportunities

News From Credit Unions

Headline News

Registration Opens for League Advocacy Forum

You can register online now for the League’s Advocacy Forum, slated for Oct. 17 in Richmond.
Our keynote speaker is noted political analyst Bob Holsworth, who will discuss the political environment for elections this year and next. Also on tap is the League update on legislative and regulatory issues, the latter being a new addition this year.
Parking, breakfast and lunch are all free. For more details and to register, click here.

Save the Dates: League Risk Management Conference Oct. 29-30

Join us in Richmond Oct. 29 and 30 for your League’s Risk Management Conference (formerly the Compliance Conference). Topics and agenda coming soon, but speakers confirmed for the event include Kristen Tatlock (CU Service Network), Jay Spruill (Woods Rogers law firm) and Beth Waller (Woods Rogers law firm). Location: Embassy Suites (2925 Emerywood Parkway, Richmond, 23294).

East Coast Marketing Conference Sept. 26-27 in Richmond

Registration is now open for the East Coast Marketing Conference, scheduled for Sept. 26-27, in Richmond! Education topics will include marketing to Millennial Moms; turning data into action; influencing and creating a more productive workplace; spicing up your marketing; and onboarding new members.

Registration is $349 for both days for the first person registered from your credit union; then $329 per person for additional registrants.

You can reserve rooms now at the Hilton Richmond Downtown (501 E. Broad St., Richmond, 23219). The hotel's discounted rate of $165 is good Wednesday through Saturday (a deposit of one night is required at the time of reservation). Call 804.344.4300 and use code VACUL. Discount ends Aug. 29.


VACUPAC Fall Classic Oct. 16; We Need Golfers, Sponsors!

The Virginia Credit Union Political Action Committee (VACUPAC) Fall Golf Classic hits the links Oct. 16, at the Lake Chesdin golf course (21801 Lake Chesdin Parkway, Chesterfield, 23838). Please consider joining us as a golfer and/or sponsor and help support the League’s only statewide fundraiser for your PAC!

Regulatory / Compliance News

CUNA Voices Concerns with FCC on Blocking Legitimate Calls

CUNA submitted comments to the Federal Communications Commission (FCC) for their Third Further Notice of Proposed Rulemaking to regarding advanced methods to target and eliminate unlawful robocalls.

CUNA believes the FCC should direct voice service providers not to block “unsigned” calls under the SHAKEN/STIR framework until the framework has been fully implemented.

“Requiring providers to quickly unblock legal calls is necessary because the Commission has no authority to authorize the blocking of legal communications,” the letter reads. “The FCC should permit voice service providers to block only calls that have not been properly authenticated under the framework or authenticated, but the provider has concluded with a high degree of certainty that the call was placed illegally.”


Financial Services / Marketplace News

In Need of Deposits, CUs Push High-Interest Checking

A growing number of credit unions are offering high-interest checking accounts to lure deposits and boost fee income.

These accounts can pay upward of 4%, provided the member meets certain requirements, and experts say they can build member loyalty for credit unions offering them while also bringing in additional revenue, lowering non-interest expenses and gathering additional funding.

But these accounts can be costly and squeeze an institution’s net interest margin, so credit unions offering them need the proper analytics to ensure they are profitable. (Credit Union Journal, July 24)

What Big Banks Left Out When They Slammed Fed Over Real-Time Payments

The Federal Reserve may be poised soon to announce plans to build a next-generation payment system — an idea that many community banks and credit unions embrace, but the nation’s biggest banks strongly oppose.

This divide within the industry is nothing new. Big banks have long played a major role in the nation’s payment systems. And small financial institutions have resisted the big banks’ dominance out of fear that they will be disadvantaged unless the Fed offers a counterbalance.

Back in 2017, The Clearing House, a payments company that is owned by 25 of the world’s largest banks, launched a real-time payment system. But so far, many smaller banks and credit unions have chosen not to participate, holding out hope that the central bank will build a competing service.

In a Politico article last week, Greg Baer, president and CEO of the Bank Policy Institute, a lobbying group that represents big banks, suggested that the Fed is now preparing to backtrack on a past promise to defer to the private sector.

But his summary of the recent past glosses over a lot of relevant information. The fuller history shows that the Fed can be criticized for dragging its feet — in an ultimately futile effort to avoid antagonizing either big banks or small FIs — but the bait-and-switch charge appears unfounded. (American Banker, July 24)

Education / Networking Opportunities

Cybersecurity Training Available Through Radford University

Through our partnership with TRGroup and the Vinod Chachra IMPACT Lab at Radford University, we are excited to bring you and your staff educational resources to better protect your assets. 

We encourage you to watch this 5-minute video https://trgroup.org/impact/ about the training opportunities available for credit union IT professionals, managers, and senior executives. You may also find additional information online at https://www.radford.edu/trgroup.

To request more information, or learn how you can enroll your staff in this critical cybersecurity training program today, please fill out the online request form at the bottom of the page, or contact Robert Natt directly at rnatt@radford.edu or 540.314.6419.

LenderSelect Hosting Annual Lender Summit in Richmond Sept. 12

LenderSelect Mortgage Group is pleased to announce their annual Lender Summit on Sept. 12, in Richmond, Va. The following topics will be discussed at the Operation Excellence Lender Summit:

  • Understanding the Principles of a Great Real Estate Loan Interview
  • Analysis of Current Economic, Housing and Mortgage Market Trends
  • Loan Origination Best Practices & Resources
  • Reaching Today’s Buyer & Growing Housing Purchases
  • And more!

For additional information, visit the LenderSelect Lender Summit page.

Woods Rogers Sets Labor and Employment Seminars; CUs Eligible for Discount

The 2019 Labor and Employment Seminar Series from Woods Rogers will help HR leaders and their teams understand how to address and manage a wide range of employment issues, including C-suite discipline, policy writing, cybersecurity/data privacy, diversity, and more.

Register at woodsrogers.com/highstakes2019  
Use code “VACUL” for 10% off your registration.


  • Lynchburg (Oct. 2) - Hilton Virginian
  • Charlottesville (Oct. 8) - Omni Downtown
  • Richmond (Oct. 23) - The Westin
  • Roanoke (Nov. 5) - Hotel Roanoke


  • Legal Updates
  • C-Suite Discipline
  • Data Privacy
  • FMLA, ADA, & Worker’s Comp.
  • Policy Writing
  • Diversity, Bias, & Civility

News From Credit Unions

Chartway FCU’s Directors’ Memorial Scholarship Program Awards $21,000 to Student Members

Chartway Federal Credit Union is proud to announce seven student members have been selected to each receive a $3,000 scholarship, totaling $21,000 in academic support.


ABNB Announces New Auto Dealer Lending Liaison

Robert S. Henderson, Jr. has joined ABNB Federal Credit Union as Dealer Lending Liaison in the Loan Center.


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