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CURRENT Newsletter | September 2, 2022

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REMINDER: The League Office will be closed Monday, Sept. 5. Have a safe and happy Labor Day weekend! Holiday closing sign available here.

CUs, League Meet with Congressman Good; Key State Lawmakers Sen. Newman, Del. Byron

Credit union advocates from Beacon Credit Union, Freedom First Credit Union, UVA Community Credit Union and ValleyStar Credit Union joined your League Monday in Lynchburg to meet with Rep. Bob Good (R-5th). We later met with Lynchburg-area lawmakers Sen. Steve Newman and Del. Kathy Byron.

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League’s Growth Conference Sept. 14-16 in Virginia Beach; Hotel Discount Ends Sept. 2

This is a must-attend event for professionals responsible for driving growth and exceptional member experience at their credit unions! Join us in Virginia Beach Sept. 14-16 for the Virginia Credit Union League’s GROWTH Conference (formerly the League’s East Coast Marketing Conference). Hotel info: Book by Sept. 2 to take advantage of our discount.

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Richmond-Area Credit Unions Raise $17,226 for VACUPAC

Richmond-area credit unions and their business partners raised $17,226 for the Virginia Credit Union Political Action Committee (VACUPAC) through golf tournaments in 2021 and 2022.

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League Seminar: Overview of Credit Union System, Philosophy, Understanding Financials/Key Ratios, and Legislative Advocacy

Gain an understanding of what makes credit unions tick and our role in the financial services marketplace, including the financials that drive our success, the philosophy on which our industry was built, and the obligation each of us has in advocating for credit unions. Join us in Richmond on Sept. 22 for this informative one-day seminar.

This is the second module of our EMERGE Leadership Certification program, but anyone interested in this program is encouraged to register! Your League is offering the certification program to foster leadership skills in up-and-coming credit union professionals. The certification program consists of five core "modules" of training and educational sessions – the multi-day EMERGE Conference and four single-day events. You can register for the program at any point and each module is offered annually.

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Letter to Credit Unions (22-CU-09) Updates to Interest Rate Risk Supervisory Framework

The NCUA has revised its interest rate risk (IRR) supervisory framework and issued the attached Supervisory Letter to exam staff to increase clarity and flexibility. The changes to the IRR supervisory framework will improve the focus of the NCUA’s supervision of IRR in credit unions given current market conditions.

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NCUA Allows for CUNA-Requested Flexibility in IRR Framework

League Seeks Nominations for Credit Union House Wall of Fame; Credit Union House Brick Sponsorships

Credit unions: Here’s a golden opportunity to honor individuals who have made a difference at your credit union or to the industry! On Nov. 9, your League will host its Annual Awards Event, at which we’ll honor our latest Wall of Fame inductees and Credit Union House Brick sponsors.

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Credit Union Subordinated Debt Levels Surge 162% Quarter-Over-Quarter Thanks to Treasury Program

A government stimulus program sent credit union subordinated debt levels surging to another record high in the second quarter. Total outstanding credit union subordinated debt levels nearly tripled in the second quarter, largely due to the Treasury Department's Emergency Capital Investment Program, or ECIP.

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NCUA Awards More Than $1.5 Million in CDRLF Grants; 3 Va.-Based CUs Among Grant Recipients

NCUA has awarded more than $1.5 million in Community Development Revolving Loan Fund grants to help 90 low-income credit unions expand outreach to underserved communities, participate in mentoring relationships, receive training, and improve digital services and security. Virginia-based Richmond Heritage, RVA Financial and Virginia Educators were among the credit unions receiving grants.

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Pelosi Raises Flag On Data Privacy Bill's State Law Override

House Speaker Nancy Pelosi on Thursday threw a wrench into efforts to enact federal privacy legislation that was recently sent to the House floor, saying that more work needs to be done to prevent the proposal from overriding states’ more stringent privacy protections.

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Rampant Check Fraud Pits FIs Against Other FIs

Check fraud has become so widespread due to brazen criminality and mail theft that many FIs are struggling to collect on bad checks from other FIs.

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Register Now for Sept. 15 Webinar on Climate-Related Preparedness

The National Credit Union Administration Office of Consumer Financial Protection is partnering with the Federal Emergency Management Agency (FEMA) to host a webinar on Sept. 15, focused on how credit unions and their members can prepare for, and remain resilient in the face of, climate-related disasters.

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