League News

ValleyStar Credit Union proudly announces Susan Chapman as its new Chief Marketing Officer (CMO), effective Dec. 1, 2023. With an illustrious career spanning over three decades in the credit union industry, Susan brings an extensive breadth of experience and innovative leadership to the ValleyStar team.

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Freedom First Credit Union is excited to welcome James Porter to our Lynchburg Mortgage team as a Vice President Mortgage Loan Officer.

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Thirty Hampton Roads teachers each will receive a $500 grant from Langley Federal Credit Union to bring innovative projects to their classrooms during the 2023-24 academic year.

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Credit unions and other organizations are being cautioned about rising fraud related to the COVID-19 Employee Retention Credit (ERC). FinCEN issued an alert that federal law enforcement agencies including the Internal Revenue Service’s (IRS) Criminal Investigation (CI) division have identified fraud and scams related to the ERC that have resulted in 323 investigations involving more than $2.8 billion of potentially fraudulent ERC claims since 2020.

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The National Credit Union Administration today announced that it will reinstate assessing civil money penalties for credit unions failing to submit NCUA Form 5300 Call Report on time, effective January 1, 2024.

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The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. The IRS today also issued technical guidance regarding all of the cost?of?living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2024 in Notice 2023-75.

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As part of our collaborative partnership within the TRGroup, the Virginia Credit Union League is inviting you to participate in our 2024 Compensation/Salary Survey. Setting competitive pay structures for your employees can be a challenge and involves careful consideration of many factors. In order to assist you in this task, TRGroup has partnered with the Cornerstone Credit Union League’s research department to gather information on salary and benefits.

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Your League today filed its written comments on the National Credit Union Administration’s 2024-2025 budget proposal. Our written comments expand on the testimony of League President/CEO Carrie Hunt last week at the agency’s in-person public hearing.

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Beginning November 27, 2023, the Federal Housing Administration (FHA) will implement security enhancements that will require the use of multi-factor authentication (MFA) when accessing FHA Connection (FHAC) and its applications. The MFA is designed to provide an added layer of security to verify an end user's identity when they sign into FHAC and supporting systems. Implementing the MFA reduces the risks of compromised passwords and enables greater security without compromising the user experience. This change does not impact Business-to-Government (B2G) users of FHAC.

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Your League and ABNB Federal Credit Union are hosting a Legislative Reception in Norfolk on Dec 14. Join us and legislators from across the region as we prepare for the 2024 General Assembly session. Your attendance is instrumental in advocating for your credit union and the Virginia credit union system.

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