Latest News & VACUL Headlines
- League, CU Reps Attend Events in Washington as 118th Congress Begins
January 6, 2023League President/CEO Carrie Hunt and Chief Advocacy Officer JT Blau traveled to Washington this week to meet with Virginia's Congressional Delegation and participate in CUNA’s welcome reception on Wednesday at the U.S. Capitol Visitor Center. League Chairman Joe Thomas (NextMark Credit Union) and staffers from the credit union who are members of the League’s Emerging Professionals Network also attended the reception
- Number of CUs Opting into Streamlined Framework Increased in Q3
January 6, 2023The number of credit unions opting into a new, streamlined framework for reporting their complex credit union leverage grew in the third quarter, as did the number opting into the framework via a two-quarter grace period.
- Regulatory Agencies Release Rulemaking Agendas
January 6, 2023Federal agencies released their latest Unified Rulemaking Agenda this week with several items of concern to CUNA and your League. The agenda includes actions the agencies plan to take in the near or long term but is not a definitive schedule with specific timelines. The Consumer Financial Protection Bureau lists an overdraft “pre-rule” and Section 1071, Small Business Lending Data Collection final rule on its agenda.
- Ihrig Outlines NCUA Supervisory Priorities
January 4, 2023Jared Ihrig, CUNA’s chief compliance officer and counsel, provided an update of NCUA supervisory priorities for 2023, which include credit risk management, cybersecurity, payment systems, BSA/AML compliance, CECL, and interest rate risk, among others.
- CFPB Will Look Into New Credit Bureau Rules, Chopra Says
January 4, 2023Consumer Financial Protection Bureau Director Rohit Chopra said Tuesday that new regulations could be on the horizon for major credit bureaus when his agency released a report highlighting improvements in their consumer complaint handling while also flagging continued concerns.
- Two-Thirds of Economists at Big Banks Expect Recession in 2023
January 4, 2023More than two-thirds of the economists at 23 large financial institutions that do business directly with the Federal Reserve expect the U.S. will have a recession in 2023, while two others are predicting a recession in 2024, according to a survey conducted by The Wall Street Journal.
- NAFCU Compliance Blog: Check Signatures According to the Model UCC
January 4, 2023Some compliance professionals have reached out to NAFCU Compliance to inquire about check signatures. Particularly, when a company representative signs a check in an unfamiliar way, is it acceptable to cash?
- 2023 State-Level Elections
January 3, 2023A year ago, the Supreme Court of Virginia drew maps that will be used in state legislative elections this year without regard to the addresses of sitting legislators. The result was 40 of 100 delegates were drawn into the same district with one or more colleagues, most of them from the same political party. While some pairings have been resolved, VPAP’s unofficial list shows that 23 delegates still face the option of moving into a different district, running for a different office, retiring or battling a colleague for the party nomination.
- CFPB Finalizes Annual Changes for Exemption Thresholds Under HMDA
January 3, 2023The CFPB has finalized annual changes to asset-size exemption thresholds under the Home Mortgage Disclosure Act (HMDA) and Regulation Z based on the 8.6% increase in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the 12-month period ending in November 2022.
- Chartway Congratulates Board Members Sauer, Price
January 3, 2023Chartway is proud to congratulate two board members: CAPT George E. Sauer III, USN (Ret.) and Curtis A. Price. Long-time volunteer, Sauer, retired from the board on December 31, 2022, following more than 30 years of service and has moved to emeritus status. Price, who previously served as an associate director, was appointed to fill Sauer’s board seat.