CURRENT Newsletter | March 12, 2024

Share Your News!

• Email Us
• 800.768.3344, ext. 629

We appreciate our loyal readers! Please send your comments and feedback to pr@vacul.org.

League’s Reg Compliance Update Set for March 13

Count on your League to help you manage today's complex regulatory compliance environment! We've scheduled the first of this year’s quarterly virtual updates for March 13, with topics of discussion to include news and notes from the General Assembly, recent proposals by the CFPB on fees, and coming changes to the NCUA Call Report. 
JT Blau, Chief Advocacy Officer of the League, and attorney Jay Spruill (Woods Rogers Vandeventer Black PLC), who serves as lead attorney for the League's Compliance Hotline, will lead the discussion.
 

League Will Monitor CFPB’s Information-Gathering Effort for Mortgage Closing Cost Fees

The Biden Administration’s war on what it terms “junk fees” has entered new territory - the real estate finance process. Last week, the Consumer Financial Protection Bureau asked that consumers weigh in on how fees in the mortgage closing process affect them.
 
“It’s been something of a relentless march by the Biden Administration and regulators in targeting fees that credit unions are charging to offset their legitimate business costs,” said League Chief Advocacy Officer JT Blau. “For almost a decade, all mortgage lenders have followed TRID rules when they issue a mortgage or offer an estimate, which breaks down the estimated terms of a mortgage, including costs and fees being charged. We’ll monitor and engage with policymakers and regulators should this initiative look likely to negatively affect credit unions’ mortgage lending efforts.”
 
Related: CFPB Mischaracterizes Home Closing Costs as ‘Junk Fees’

CU PolicyPro Training March 14

Join us and InfoSight on March 14 as we dive into the intricacies of CU PolicyPro and help you take full advantage of the features and resources available within the policy management system. This free webinar will teach you how to customize PolicyPro’s model content, best practices for formatting, and how to publish and distribute policies and procedures to your staff, board members, and examiners. New and experienced users will benefit from this training.

League Board Seeks Nominations for Kirsch, Farley Awards; Deadline March 15 

We are seeking your recommendations for prospective candidates for our annual awards. The Virginia Credit Union League Board will name the winners of this year’s James P. Kirsch Lifetime Achievement Award and Eugene H. Farley Jr. Award of Excellence at the League Annual Meeting in Washington D.C. on May 2, 2024. Nominations are due by March 15, 2024.
 

Credit Unions: Apply for Grants to Support Your Financial Education Initiatives; Deadline March 15

Through the generosity of Vizo Financial Corporate Credit Union, Virginia's credit unions can apply for grants that will fund financial education projects or programs. Up to $50,000 annually will be allocated to Virginia, provided the funds are utilized.

Looking to start a financial education partnership with a local school? Need an age-appropriate curriculum? Need computer equipment or software licenses? All these items -- and more – would be eligible uses for the grant funds! Submit your grant application no later than March 15, 2024, to be considered.
 

Report Your Financial Education Efforts

Credit unions: Many of you are actively involved in conducting financial education presentations and we remind you to report your good work to the Credit Union Financial Education Network (CUFEN)! We use the reported data to highlight for policymakers credit unions’ commitment to financial education and financial well-being and to showcase the “Credit Union Difference.” 

Virginia-based credit unions reported reaching 28,144 students and 17,568 adults with lessons on personal finance during the year ended June 30, 2023. However, we know that many of you did not report on your efforts last year. Now that we’re halfway through the 2023-2024 school year, it’s the perfect time to report your efforts to date! 
LEARN MORE

In Other News …