Virginia

Virginia Credit Union eyes continued expansion with switch to federal charter – Richmond BizSense

Published

1 year ago

August 31, 2023

Virginia Credit Union eyes continued expansion with switch to federal charter – Richmond BizSense

Virginia Credit Union will continue is the same name even after it converts into a federal credit union. (BizSense file photo)

Still looking to grow after being stymied in an expansion attempt by the State Corporation Commission last year, Richmond’s biggest credit union is sidestepping the regulator by taking its charter to the federal level.

Virginia Credit Union, the largest credit union regulated by the SCC’s Bureau of Financial Institutions, is in the process of converting into a federal credit union.

The move will allow VACU, which has more than $5 billion in assets, to avoid being regulated by the state. If approved, it will be solely overseen by the National Credit Union Administration.

VACU is one step through the three-step conversion process, having recently received approval from its board of directors. Next it must get the go-ahead from its 324,000 members, followed by the final stamp of approval from the NCUA.

Its members have already begun to vote on the change. Balloting began Aug. 24 and will run through Sept. 21.

Upon approval, the Chesterfield-based credit union says it will continue to use its Virginia Credit Union and VACU trade names, though the word “federal” would be added to its legal name.

VACU also emphasized that members will see little to no impact to products and services because of the charter change.

A VACU spokesman said it had been considering the charter conversion for several years and is motivated in part by its desire to expand by offering membership to more people. It said the transition also would streamline its regulatory requirements, because the credit union already is under the jurisdiction of the NCUA, as well as the SCC.

“Having NCUA as our primary regulator makes it more efficient and easier for us to add new groups and areas to our field of membership,” the spokesman said in response to questions from BizSense.

The effort comes about a year after VACU was thwarted in a drawn-out legal battle against a group of bankers who sought to block the credit union from expanding by offering membership to the 10,000-member Medical Society of Virginia.

The dispute began in 2019, when VACU applied for permission to bring MSV into its field of membership at MSV’s request. The bid initially was given the thumbs up from Bureau of Financial Institutions Commissioner Joe Face before the Virginia Bankers Association and seven Virginia banks joined together to try overturn that decision.

The VBA-led group argued that VACU’s request went too far beyond the statutory limit of credit union membership expansion of 3,000 potential new members at a time. The MSV request was the largest such request ever by a credit union in Virginia, due to the sizeable group’s statewide reach.

The physicians that make up the bulk of MSV’s ranks are also seen as a coveted customer segment for banks.

Banks State Corporation Commission building

The State Corporation Commission building in downtown Richmond.

After three years of legal wrangling, a panel of SCC commissioners ruled against VACU and denied its MSV request.

While VACU didn’t say explicitly that the MSV saga was driving the conversion, eschewing SCC regulation will help it avoid such a battle on the state level in the future should it attempt to expand.

VACU’s move to the federal system also will deal a financial blow to the BFI. The SCC bureau funds its entire $16 million annual budget with fees paid by the institutions it regulates.

VACU is the largest state-chartered credit union among the 23 such credit unions in Virginia. VACU was required to pay $816,000 in assessment fees to the BFI this year, accounting for nearly 40 percent of the $2.1 million in total assessments the regulator received from credit unions statewide.

BFI received an additional $9 million from Virginia’s 48 state-chartered banks. The remaining balance of BFI’s budget comes from other businesses it regulates, such as money transmitters, mortgage companies, small lenders, debt settlement companies and student loan servicers.

Joe Face

Face, the BFI commissioner, acknowledged the hit from VACU’s impending departure from the state system but said the BFI can absorb it.

“It will have an effect. But we can manage,” he said.

Face, who’s been with the BFI for 45 years, said such conversions aren’t uncommon for credit unions and banks.

“Banks and credit unions do have a choice of charter in this country,” he said. “I never like to lose a credit union or a bank or any institution for whatever reason, but it does happen and it is a business and each business has to do what it believes is in its best interest.”

Face added that the number of state-chartered credit unions and banks has been on a steady decline.

“It’s been dwindling over the years through conversions and mergers,” he said. “I don’t see any of that subsiding.”

Carrie Hunt, CEO of the Virginia Credit Union League, which lobbies and advocates on behalf of credit unions in the state, said VACU’s move is not unusual.

“It is very common for not just credit unions, but banks can do it too,” Hunt said. “We have a very healthy dual charter system in this country.”

Hunt, speaking generally about why a financial institution may change charters, said there are several reasons.

Carrie Hunt

“One of the biggest (reasons) is field of membership,” she said. “Over the course of history field-of-membership rules have been more favorable in certain states and that pendulum has swung the other way. You really do need to have a federal charter if you do a lot of work across the country.”

Illustrating that factor, Hunt said of the 104 credit unions based in Virginia, only two dozen are state-chartered. “As a state, we lean federal very heavily,” she said.

Another reason, Hunt added, is to eliminate dual regulatory examinations.

“All state-chartered credit unions in Virginia have to have federal deposit insurance and be examined by the NCUA” in addition to an examination from the BFI. “So every one of them gets examined twice. It is a real factor.”

Might the pendulum swing back in favor of state regulation at some point?

“Given there are so few state charters in Virginia, to be frank, I think we would need a dramatic change in the laws that govern state-chartered credit unions to make institutions want to go back in that direction,” she said. “I hope we keep the dual chartering system alive.”

While it waits for the rest of the conversion process to play out, VACU is in expansion mode in its home territory.

It has been on a branch opening streak within the city of Richmond of late, planting its flag on at least five new locations over the last year. The latest is in the works in Shockoe Slip.

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Big Tests On The Horizon For Virginia Tech Wrestling – FloWrestling

Published

6 hours ago

November 28, 2024

Press Room

Big Tests On The Horizon For Virginia Tech Wrestling – FloWrestling

At 3-0 with marquee victories over #6 Missouri (23-10) and #21 Rutgers (26-11), as well as a second-place finish in the Keystone Open with just a handful of starters competing, Virginia Tech has swept through a tough November and is prepared for a difficult December.

The Hokies, #12 in Flo’s team tournament ratings but top 10 in various dual-meet rankings, are next scheduled for an annual trip to Las Vegas for the Cliff Keen Invitational, featuring 27 teams, of which 14 are among Flo’s top 25. And then it’s another trip west to Stillwater on Dec. 19 to challenge #5 Oklahoma State in a rare Thursday match.

The early key thus far for the Hokies has been the ability to win the bouts they’re supposed to win and grabbing a fair share of so-called toss-up bouts.

To wit, Tech’s #18 Sam Latona downing Missouri’s #13 Josh Edmond (4-2) at 141, or #25 Rafael Hipolito majoring the Tigers’ #32 James Conway (11-3) at 157 and #15 Jimmy Mullen stopping #20 Seth Nitzel (4-2) at heavyweight.

That trend continued at Tech’s Moss Arts Center match against #21 Rutgers when Latona used a late takedown to defeat Joey Olivieri 7-5, #4 Lennox Wolak pinned veteran Jackson Turley at 174 and #9 Andy Smith slipped past #17 John Poznanski 4-3 at 197.

Hokies coach Tony Robie only took a few regulars to the Keystone Open in Philadelphia and, led by championship efforts by #1-ranked Caleb Henson at 149 and heavyweight Hunter Catka, Tech placed second behind Lock Haven. Latona placed third at 141 and Sam Fisher did the same at 184.

Robie opted to use the Hokies’ roster as freshmen Dillon Campbell (125), Matt Henrich (157), Luke Robie (157) and Jack Bastarrika (133) competed as did redshirt juniors Jackson Spires (165) and Ty Finn (174). Spires placed second.

Who’s Ready For Change?

With legislation on the NCAA’s table affecting scholarship and roster limits — unlimited scholarships and a roster cap — as well as revenue sharing, some college wrestling programs likely have a serious dose of trepidation while others are confident they can deal with whatever happens.

Virginia Tech sits in the latter category.

“I have no concerns whatsoever about that,” Robie said earlier this month. “I think a lot of it probably will happen. It’s hard to say whether it’s good or bad for the sport; that’s not really for me to say. What I will say is you have to adjust with what the rules are and what the landscape of college athletics looks like, and that’s what we intend on doing.

“Is it good for the overall health of the sport of wrestling? The kid that’s the 35th kid on your roster? Probably not. But I think definitely there were probably some things that needed to change; the pendulum was starting to swing significantly the other way. At some point, it’ll probably start to go back to the middle.”

Robie said all anyone can do is wait for the final decisions.

“We have some contingency plans based on what we think is going to happen and we’ll move forward with our plan and try to execute it,” he said.

A Pretty Good Gig

Robie, in his eighth year as head coach, has been at Tech since 2006 and as each season passes, the commitment and enthusiasm remain the same.

“Well, you get to do what you like to do. And it’s a pretty cool thing to be able to coach wrestling for a living and be a part of a pretty good program, and work with some great people and try to affect the lives of the kids in your program,” he said.

“I think anybody would want to do that. For me, I’m not young anymore. I turned 50 … who knows how long I’m going to do it, but I’m going to give it the best I can while I’m doing it and hopefully continue to improve as a program and try to try to help these guys as much as possible. But it’s good, Virginia Tech’s a great place to work, it’s a great place to live. I’ve got a great staff and it makes my life pretty easy.”

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Virginia

VIDEO: UVA Football Players Preview the Virginia Tech Game

Published

14 hours ago

November 27, 2024

Press Room

VIDEO: UVA Football Players Preview the Virginia Tech Game

With the game of year looming this weekend, members of the Virginia football team were made available to to the media after practice on Tuesday morning to talk about the regular season finale against Virginia Tech in the Commonwealth Clash on Saturday night in Blacksburg. Watch the video below to hear what UVA senior safety Jonas Sanker, graduate tight ends Tyler Neville and Sackett Wood Jr., and graduate defensive tackle Jahmeer Carter had to say ahead of the Virginia Tech game:

Sanker is the team’s leader in tackles with 89 total tackles and also leads the ACC in solo stops with 60 unassisted tackles. He has racked up 8.5 tackles for loss, two sacks, four pass breakups, two fumble recoveries, and an interception as part of a strong senior campaign that should earn Sanker some serious consideration for a First-Team All-ACC selection.

A transfer from Harvard, Tyler Neville is Virginia’s second-leading receiver with 35 catches for 387 yards and two touchdowns. Sackett Wood Jr., meanwhile, has recorded three receptions for 18 yards and a touchdown this season. Between the two of them, Neville and Wood have combined to appear in 83 college football games and make 48 starts.

Saturday will be the 55th game in the five-year career of Jahmeer Carter, who has started nearly every game for the last four seasons at Virginia. This season, Carter has 30 total tackles, including nine solo stops, two tackles for loss, one sack, and a pass defender. For his career, Carter is up to 131 total tackles, 2.5 sacks, and 7.5 tackles for loss.

Saturday night will be the first time Virginia plays at Lane Stadium in front of fans since the 2018 season, as the 2020 edition of the Commonwealth Clash was played in front of only 250 fans due to COVID-19 restrictions and then the 2022 Virginia vs. Virginia Tech game was canceled due to the shooting tragedy at UVA.

Virginia is seeking its first road victory at Virginia Tech since 1998, as the Hokies have won the last 11 Commonwealth Clash games played at Lane Stadium. Virginia Tech has won 17 of the last 18 overall games against Virginia and leads UVA 61-38-5 in the all-time series that dates back to 1895.

Both Virginia and Virginia Tech bring a 5-6 overall record into the regular season finale and both need to win the game in order to reach the six-win threshold required for bowl eligibility. There is only one other game this weekend between FBS teams who are battling for bowl eligibility (Eastern Michigan vs. Western Michigan). Virginia and Virginia Tech played each other for bowl eligibility at the end of the 2014 season.

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Virginia

Virginia Lottery Mega Millions, Pick 3 Night results for Nov. 26, 2024

Published

21 hours ago

November 27, 2024

Press Room

The Virginia Lottery offers multiple draw games for those aiming to win big. Here’s a look at Nov. 26, 2024, results for each game:

Mega Millions

Mega Millions drawings take place every week on Tuesday and Friday at 11 p.m.

05-22-24-39-42, Mega Ball: 03, Megaplier: 3

Check Mega Millions payouts and previous drawings here.

Pick 3

DAY drawing at 1:59 p.m. NIGHT drawing at 11 p.m. each day.

Night: 7-3-0, FB: 2

Day: 7-2-1, FB: 5

Check Pick 3 payouts and previous drawings here.

Pick 4

DAY drawing at 1:59 p.m. NIGHT drawing at 11 p.m. each day.

Night: 1-6-6-8, FB: 5

Day: 7-4-5-8, FB: 4

Check Pick 4 payouts and previous drawings here.

Pick 5

DAY drawing at 1:59 p.m. NIGHT drawing at 11 p.m. each day.

Night: 0-5-4-9-9, FB: 2

Day: 6-9-5-3-2, FB: 0

Check Pick 5 payouts and previous drawings here.

Cash4Life

Drawing everyday at 9 p.m.

04-11-13-30-39, Cash Ball: 02

Check Cash4Life payouts and previous drawings here.

Cash Pop

Drawing times: Coffee Break 9 a.m.; Lunch Break 12 p.m.; Rush Hour 5 p.m.; Prime Time 9 p.m.; After Hours 11:59 p.m.

Coffee Break: 04

After Hours: 05

Prime Time: 06

Rush Hour: 09

Lunch Break: 12

Check Cash Pop payouts and previous drawings here.

Cash 5

Drawing every day at 11 p.m.

12-22-31-38-44

Check Cash 5 payouts and previous drawings here.

Feeling lucky? Explore the latest lottery news & results

This results page was generated automatically using information from TinBu and a template written and reviewed by a Center for Community Journalism (CCJ) editor. You can send feedback using this form.

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