League News

Virginia Credit Union is now doing even more to help first-time home buyers offset the cost of purchasing a home with the new VACU First-Time Home Grant. With this enhanced commitment to helping members purchase their first home, the credit union has pledged $50,000 to provide up to $575 per loan in down payment assistance to qualified borrowers. The VACU First-Time Home Grant can be combined with other grants and discounts for further savings.

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Credit unions support a more transparent process for changes to NCUA’s call report, America’s Credit Unions’ Ann Petros wrote to NCUA Chairman Todd Harper Wednesday. Changes to the call report—proposed by the NCUA Board in December and effective March 31—require credit unions with more than $1 billion in assets to list income related to overdraft fees and non-sufficient funds (NSF) fees in the call report.

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On February 27, 2024, Chartway held its 65th Annual Meeting and elected by acclamation the following individuals to the board of directors: Ron da Silva, Curtis Price and Lara Shields. Following the Annual Meeting, the board held its annual organizational meeting. During this time, the following slate of officers was established: Nancy McMahon – Chair; Melinda Barbish – 1st Vice Chair; Jared Perry – 2nd Vice Chair; Wayne Foshay, Sr. – Secretary; and Robert Holmes – Treasurer. 

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As housing affordability remains a major challenge nationwide, a partnership in Virginia involving Freedom First Credit Union is ensuring low-income consumers can afford to not only buy a home but stay in it for the long-term.

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Virginia Credit Union League President/CEO Carrie Hunt is departing the League to serve as Chief Advocacy Officer for America’s Credit Unions, effective March 1. Karima Freeman will serve as Interim CEO. "I want to thank member credit unions for their tremendous support of the League and me personally, these past two-and-a-half years," said Carrie Hunt. "I'm excited about what the League has done in terms of focusing on advocacy, collaboration and business-forward solutions. And there's more to come! We have a wonderful team at the League that is focused solely on the needs of member credit unions. I'm excited to see the League write the next great chapter in its history."

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House lawmakers approved a temporary spending bill to prevent a partial government shutdown this weekend, with Speaker Mike Johnson (R., La.) forced once again to turn to a coalition made up mostly of Democrats to pass it. The vote was 320 to 99, with slightly more than half of Republicans joining with almost all Democrats to support the measure.

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More credit unions are seeing regulatory rating downgrades as credit quality and liquidity issues rear their heads. National Credit Union Administration Chairman Todd Harper is concerned about the safety and soundness of the credit union industry as the number of institutions with adverse CAMELS ratings is on the rise. In a speech earlier this month, the regulator expressed specific concerns about credit quality and liquidity. Data analysis by S&P Global Market Intelligence found that the industry's overall credit quality is deteriorating while its capital position is a mixed bag.

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Southeast Management School is on a mission to provide you with a premier opportunity to develop your leadership skills so that you can more greatly contribute to the success of your credit union. This intensive, focused program takes three years to complete and meets annually for one week in June at the University of Georgia. Completion of this program guarantees that you'll develop the operational, managerial and leadership abilities necessary to take your career to the next level! 

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Your League is excited to announce the addition of renowned journalist and author Jonathan Karl as a keynote speaker at IGNITE | the League Annual Meeting.

Jonathan Karl is the chief Washington correspondent for ABC News and co-anchor of “This Week.”

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A couple of weeks ago we wrote about NCUA Chairman Todd Harper's speech and discussion at the Brookings Institution, during which he discussed how NCUA would be amending the Call Report to require large credit unions (in this case meaning more than $1 billion in total assets) to report income from overdraft fees and NSF fees. He stated the agency was working on the change through the Paperwork Reduction Act. Today we are looking at what exactly are the changes that are being proposed as well as what is still unclear about the proposed change.

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