League News

This year, we present the following awards to remarkable individuals who have demonstrated exceptional leadership and commitment: the Eugene H. Farley Award of Excellence, the James P. Kirsch Lifetime Achievement Award, and the inaugural Red Scarf Award. IGNITE is a cornerstone event for the Virginia Credit Union League, where we take the opportunity to honor those whose efforts have significantly shaped the credit union landscape in Virginia.

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Your League, in partnership with the Credit Unions Care Foundation of Virginia, is proud to announce the recipients of the 2024 Vizo Financial Empowerment Grants. This year, thirteen outstanding Virginia-based credit unions will share $50,000 in grants dedicated to boosting financial literacy and empowerment across the Commonwealth.

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Recap: Last week, the Virginia Credit Union League hosted our much-anticipated annual conference at the scenic InterContinental Washington D.C. Wharf. This event, marking the League's 90th anniversary, brought together over 150 credit union leaders from across Virginia to engage, learn, and network.

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We are proud to celebrate Joe Thomas’s reappointment to the World Council of Credit Unions Board through July 2026. Joe Thomas, the seasoned President and CEO of NextMark Credit Union in Fairfax, Virginia, continues to make a significant impact both locally and globally.

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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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