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Latest News Posts
- NCUA: Simplified CECL Tool Updated for March 31, 2023
March 23, 2023The National Credit Union Administration today released the March 2023 update of its Simplified CECL Tool. With this update and future quarterly updates of the Simplified CECL Tool, a credit union can use the CECL to estimate its allowance for credit losses on loans and leases. Quarterly updates will be provided so a credit union can incorporate them before its books are closed and before it submits the NCUA’s Call Report.
- League Congratulates 40-Plus-Year Employee Kathy Smith on Coming Retirement
March 23, 2023The League wishes long-time employee Kathy Smith a happy retirement! Kathy started her credit union career in 1978 with Virginia League Central Credit Union, which was part of the “League” family in those days. She made the move to the League itself a short time later and worked in our finance and HR functions for the remainder of her 46-year career.
- Despite Banking Industry Turmoil, Fed Raises Rates 25 Basis Points
March 22, 2023After several weeks of renewed debate over how it might act following the failure of several banks, the Federal Reserve has voted to raise interest rates another 25 basis points, essentially betting it can stabilize banks at risk by backstopping their deposits and that taming inflation is the priority. NOTE: Chairman Powell's press conference viewable here.
- ValleyStar Credit Union's Collections Manager Selected for Emerging Professionals Committee
March 22, 2023ValleyStar Credit Union’s collections manager, Danielle Kennett, was selected to be a member of the Virginia Credit Union League’s (VACUL) Emerging Professionals Committee to attract, develop and retain top talent within Virginia’s credit unions.
- League Shares CUs' Input on Banking Sector Challenges With Senior U.S. Treasury Official
March 22, 2023League President/CEO Carrie Hunt today joined her fellow League presidents and CUNA staff on a call with Graham Steele, Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury. Asst. Secy Steele and the Biden Administration are gathering feedback from the Leagues about deposit outflows/inflows at member credit unions, as well as what we’ve heard from credit unions related to questions and concerns about the health of the banking sector.
- The Four Keys to Credit Union Success
March 21, 2023Cooperation among cooperatives is a crucial cog in the machine that is the credit union movement. To stay modern and competitive with financial service providers, credit unions require support that enables them to perform at a high level for their members. This collaborative effort should be focused on four key areas in 2023, to help advance the credit union movement and ensure a strong future for the industry.
- The Evolving Consumer Expectations Every Credit Union Needs to Know
March 21, 2023What people expect from their primary financial institution (PFI) is changing. COVID-19 certainly played a role, as consumers experienced the convenience and time savings of using digital means to accomplish everyday tasks. The pandemic was not the only reality to alter expectations, however. Louder cries for social justice and the acceleration of diversity, equity and inclusion (DEI) principles echoed across the country, inspiring many people to rethink where they do business and with whom.
- Chartway Holds 64th Annual Meeting & Announces 2023 – 2024 Board of Directors
March 20, 2023On February 21, 2023, Chartway held its 64th Annual Meeting and elected by acclamation several individuals to the board of directors.
- League Hosting Virtual 'Credit Union Roundtable' March 22 on Bank Failures, CU Response
March 20, 2023Credit Unions: Join us on March 22 as we discuss the recent high-profile bank failures and their impact on the financial marketplace and what we're hearing in Washington from lawmakers and regulators.
- IGNITE 2023 Education Session: Best Practices in Commercial Risk Management
March 17, 2023Rising rates and inflation, not to mention the recent shocks to the industry and market, could cause collateral values to suffer and highly leveraged borrowers to default. So, what’s hiding in your commercial loan portfolio could cause a shift in risk?