Credit Unions
While credit unions were originally granted a federal tax exemption because they were established by Congress to serve those of modest means who share a common bond, many are now virtually indistinguishable from taxpaying community banks. ICBA urges Congress to level the tax and regulatory playing field between community banks and credit unions while it strongly opposes the National Credit Union Administration’s expansionist agenda.
With the ICBA Credit Union Task Force, ICBA is taking on the disturbing trend of large credit unions increasing their taxpayer-subsidized footprint by buying up smaller, taxpaying community banks. ICBA offers the following customizable resources that community bankers can use to shine a light on this troubling trend in their local communities.
With the ICBA Credit Union Task Force, ICBA is taking on the disturbing trend of large credit unions increasing their taxpayer-subsidized footprint by buying up smaller, taxpaying community banks. ICBA offers the following customizable resources that community bankers can use to shine a light on this troubling trend in their local communities.
Urge Congress to Investigate
Thank you, 2019 Convention Sponsors!
A major component of our convention success is the generous support of our Associate Members. We are grateful for their sponsorships! Please take a moment to thank their representatives whenever you next see them.
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Diamond Sponsors
ICBA SHAZAM Platinum Sponsors Federal Home Loan Bank of Atlanta ICBA Services Network Sandler O'Neill + Partners Travelers Insurance Troutman Sanders Williams Mullen |
Gold Sponsors
Bankers Healthcare Group Elliott Davis Source4 StreetShares Silver Sponsors Community Bankers' Bank Dixon Hughes Goodman Spotts Fain YHB Bronze Sponsor PCBB |
VACB 42nd Annual Convention Registration is OPEN! Register Today
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VACB's 42nd Annual Convention & Trade Show will be held September 29 - October 1 at The Williamsburg Lodge, Autograph Collection. We enjoy putting this event together for our members - both Banks and Associates. We have a great lineup of speakers addressing current hot topics, our Trade Show which our vendors previewing the latest services for banks, and multiple networking opportunities for all attendees. We are excited to bring you this year's program which is sure to be of great benefit to your professional development.
To register online, click HERE. If you aren't a member of VACB but want to know more about the convention, please call the VACB office at 804.673.8250. |
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Have You Submitted Your Banker of the Year and Rising Star Candidates?
About the Community Banker of the Year Award
The Virginia Association of Community Banks (VACB) is excited to open nominations for the third annual Community Banker of the Year award, to recognize the exceptional work that happens every day in our local communities through the individual employees of VACB member community banks. Nominees for the VACB Community Banker of the Year are senior-level candidates within the banking industry who have demonstrated leadership, community involvement, and industry advocacy, at a level deserving recognition.
To fill out the Community Banker of the Year Form, click HERE
The Virginia Association of Community Banks (VACB) is excited to open nominations for the third annual Community Banker of the Year award, to recognize the exceptional work that happens every day in our local communities through the individual employees of VACB member community banks. Nominees for the VACB Community Banker of the Year are senior-level candidates within the banking industry who have demonstrated leadership, community involvement, and industry advocacy, at a level deserving recognition.
To fill out the Community Banker of the Year Form, click HERE
About the Rising Star Award
The Virginia Association of Community Banks (VACB) is excited to open nominations for the third annual VACB Rising Star award, to recognize the exceptional work that happens every day in our local communities through the individual employees of VACB member community banks. Nominees for the VACB Rising Star are mid-level candidates under the age of 35 from within the banking industry who have demonstrated leadership, community involvement, and engagement in innovative programs or initiatives.
To fill out the Rising Star Form, click HERE
The Virginia Association of Community Banks (VACB) is excited to open nominations for the third annual VACB Rising Star award, to recognize the exceptional work that happens every day in our local communities through the individual employees of VACB member community banks. Nominees for the VACB Rising Star are mid-level candidates under the age of 35 from within the banking industry who have demonstrated leadership, community involvement, and engagement in innovative programs or initiatives.
To fill out the Rising Star Form, click HERE
Mr. Yeakel Goes to Washington - Our President's Advocacy Update
Our primary GR focus over the past several weeks has been engaging Senator Warner, Congressman Denver Riggleman (R-VA5) and their top-notch financial services aides regarding their plans to resolve the sticky wicket of Beneficial Ownership. The House has developed a solution that has been approved by its Financial Services committee and the Senate is about to introduce theirs. There are elements of each proposal that we like, and we are hopeful that a workable compromise can be found to remove this improperly directed burden from bank employees. Senator Warner's tax counsel held a briefing call for the VACB Executive Committee last Friday. We'll be sure to keep you informed as legislation progresses.
Immediately following our very successful Capital Summit, where teams formed from over 20 VACB bankers visited in every office of the Virginia Congressional delegation, I returned to Washington to spend a little additional time visiting with Congresswoman Jennifer Wexton (D-VA10), who is both new to the Congress and new to the House Financial Services Committee. The Committee has done some good, bipartisan work to date.
And you'd think that a Democrat-controlled Congress might be even less open to our growing concerns about the increasing hubris of the credit union juggernaut/cheerleader known as the National Credit Union Administration. Thing is, the NCUA keeps providing regular ammunition to their critics. Adding to the steady drip-drip-drip of credit unions buying banks (read taxable assets becoming non-taxable) and several other examples of loose governance, the "pass" that they have given to the largest credit unions from implementing more stringent capital rules has now gained the attention of the ranking Democrat on the Senate Banking Committee, who has asked them to defend their actions.
Add to that a Congressional push to lower the CBLR, marijuana banking, CECL "stop and study" legislation, GSE reform, and several other issues, you can see why there is always plenty to do with our delegation. If you haven't been as engaged as you would like to be, let me know! We can always use another voice.
Immediately following our very successful Capital Summit, where teams formed from over 20 VACB bankers visited in every office of the Virginia Congressional delegation, I returned to Washington to spend a little additional time visiting with Congresswoman Jennifer Wexton (D-VA10), who is both new to the Congress and new to the House Financial Services Committee. The Committee has done some good, bipartisan work to date.
And you'd think that a Democrat-controlled Congress might be even less open to our growing concerns about the increasing hubris of the credit union juggernaut/cheerleader known as the National Credit Union Administration. Thing is, the NCUA keeps providing regular ammunition to their critics. Adding to the steady drip-drip-drip of credit unions buying banks (read taxable assets becoming non-taxable) and several other examples of loose governance, the "pass" that they have given to the largest credit unions from implementing more stringent capital rules has now gained the attention of the ranking Democrat on the Senate Banking Committee, who has asked them to defend their actions.
Add to that a Congressional push to lower the CBLR, marijuana banking, CECL "stop and study" legislation, GSE reform, and several other issues, you can see why there is always plenty to do with our delegation. If you haven't been as engaged as you would like to be, let me know! We can always use another voice.
2019 VACB Security Officer Workshop Offered October 17
Security Management: Robbery & Active Threat Preparedness
The Virginia Association of Community Banks (VACB) is pleased to present our Fall Security Officer Workshop. We are partnering with Jim Rechel, president of The Rechel Group, Inc. to deliver this timely and relevant program.
This workshop has been developed to provide you with information that enables you to address current threats, while also preparing you for future threats and potential solutions to active threats and robbery.
To learn more about the program and to register, click the photo on the left.
Key Senators See Bipartisan ‘Beneficial Owner’ Reform
BANK SECRECY ACT
The heads of the Senate Banking Committee said there is growing bipartisan support for reforming how companies disclose their “beneficial owners.” At a committee hearing, Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio) cited recently introduced legislation to establish a federal database for beneficial ownership information.
In a written statement for the hearing, ICBA continued its call for Congress to pass legislation that would require companies to disclose their beneficial owners when they are formed.
ICBA cited last week’s House Financial Services Committee passage of Rep. Carolyn Maloney's (D-N.Y.) Corporate Transparency Act (H.R. 2513). That bill would require certain small businesses to disclose their beneficial owners to the Financial Crimes Enforcement Network when they are formed, relieving community banks of the burden of collecting this information from customers.
Access ICBA’s Statement
View the Hearing
The heads of the Senate Banking Committee said there is growing bipartisan support for reforming how companies disclose their “beneficial owners.” At a committee hearing, Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio) cited recently introduced legislation to establish a federal database for beneficial ownership information.
In a written statement for the hearing, ICBA continued its call for Congress to pass legislation that would require companies to disclose their beneficial owners when they are formed.
ICBA cited last week’s House Financial Services Committee passage of Rep. Carolyn Maloney's (D-N.Y.) Corporate Transparency Act (H.R. 2513). That bill would require certain small businesses to disclose their beneficial owners to the Financial Crimes Enforcement Network when they are formed, relieving community banks of the burden of collecting this information from customers.
Access ICBA’s Statement
View the Hearing
Urge Congress to Investigate Credit Union Acquisitions |
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ICBA is calling on community bankers to urge their members of Congress to investigate the troubling trend of large credit unions buying up community banks. Community bankers can use ICBA's Be Heard grassroots action center to send in custom messages asking lawmakers to use their oversight authority to rein in credit union abuses.
Meanwhile, ICBA continues encouraging community bankers to send in examples of credit unions' egregious actions to exposingcreditunions@icba.org. Community bankers can also access ICBA's customizable op-ed and talking points to raise awareness of the acquisition trend and its cost to taxpayers in local news media.
Tell Congress to Investigate
Access Additional ICBA Resources
Meanwhile, ICBA continues encouraging community bankers to send in examples of credit unions' egregious actions to exposingcreditunions@icba.org. Community bankers can also access ICBA's customizable op-ed and talking points to raise awareness of the acquisition trend and its cost to taxpayers in local news media.
Tell Congress to Investigate
Access Additional ICBA Resources
