League News

A few weeks ago, several media outlets began reporting that banking regulators were preparing to re-attempt a rulemaking on incentive compensation. The rulemaking - an outstanding requirement of the 2010 Dodd-Frank Act - had been previously attempted twice but never made it to a final rule. Late last week, a financial regulation newsletter account posted on X/Twitter that the proposed rulemaking could be coming this week.

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In the past week we've gotten an ANPR from NCUA on records preservation, an analysis from FinCEN on elder financial exploitation SARs and CTRs, and some updated FAQs on Beneficial Ownership Information reporting. Let's dive in!

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Each year, the Virginia General Assembly reconvenes in April to act upon the Governor’s amendments and vetoes to legislation the House and Senate Passed during the regular session. During the 2024 General Assembly Session 1,046 bills made it through both the House and Senate Chambers to the Governor’s desk. Wednesday, April 17th, the Virginia General Assembly held its Reconvene Session, also known as the veto session.

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AI is significantly transforming the financial industry, particularly affecting entry-level positions at major institutions. Here's a balanced look at the evolution of entry-level jobs due to AI, aimed at helping credit unions navigate this technological advance.

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While overall employment figures show robust job growth, the National Federation of Independent Business (NFIB) has unveiled a contrasting scenario for small businesses. Virginia's credit unions can help local businesses overcome hiring challenges and contribute to a resilient local economy and legislative landscape.

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In Q4 of 2023, we observed significant trends in the loan activities of credit unions based on the NCUA Quarterly Credit Union Data Summary for Q4 2023 and VACUL’s Credit Union Profile for Q4 2023. These reports highlight the ongoing developments and challenges within the credit union sector, providing a clear picture of both national and Virginia-specific dynamics.

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Credit unions across the country are frequently lauded as exemplary workplaces. Virginia’s credit unions, in particular, are prominent on these lists, showcasing their dedication to employee satisfaction and organizational excellence. At the heart of credit union success is a culture that deeply values the voices and contributions of its employees, offering competitive rewards, meaningful work, and a steadfast commitment to personal and professional growth.

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Chartway Credit Union has received the 2024 Top Workplaces Culture Excellence award for Innovation, Work-life Flexibility, Compensation & Benefits, Leadership, Purpose & Values. The Top Workplaces program by Energage—an organization that develops solutions to build and brand Top Workplaces—has a 17-year history of surveying and celebrating people-first organizations nationally and across 60 regional markets.

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Homeowners were forced to pay for "services" that were prohibited or unauthorized. The Consumer Financial Protection Bureau (CFPB) published an edition of Supervisory Highlights describing the agency’s actions to combat junk fees charged by mortgage servicers, as well as other illegal practices. In response to the CFPB's findings, financial institutions refunded junk fees to borrowers and stopped their illegal practices.

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Emmy award-winning show on PBS launches 2nd edition of best-selling book. Credit unions nationwide are providing up to $50,000 in $100 grants at Title 1 schools to put the lessons in the 2nd edition of How to Turn $100 into $1,000,000 into practice. In addition, PSCU/Co-op Solutions stepped up to provide the grant for the books given to students at the schools in these underprivileged areas.

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