CURRENT Newsletter | 5 November 2021 - Virginia Credit Union League

Well, the vaccine mandate rule came out yesterday -- all 490 pages of it! The actual rule part is small and digestible, albeit burdensome to implement.

Several governors have already sued over the rule. The League’s counsel, Woods Rogers, is preparing some materials for our members to use for compliance. Irrespective of litigation, credit unions will need to at least prepare to implement policies. There are also key dates of which you need to be aware.

Ignite 2021 | League Annual Meeting – We’ll See You Next Week in Virginia Beach

We’re excited to see you next week in Virginia Beach for Ignite 2021 & the League Annual Meeting! Among the many highlights at this year's event, League President/CEO Carrie Hunt will outline her vision for the League and spotlight key initiatives for the coming year and beyond. Also on tap: 10 education sessions, 3 keynotes, the always popular Innovation Expo and in-person networking (it’s been a while for many of us!).

We encourage you to download our event app. Search “VACUL” on the App Store or Google Play and get connected to other attendees and exhibitors!

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Election Day Analysis

Election night has brought a seismic shift of the partisan alignment in the Commonwealth. In an update, Hunton Andrews Kurth says that in an election with record-breaking turnout, Republicans have won their first statewide election since 2009 (as was the case 12 years ago, when Republicans swept all three statewide offices).

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CUs, Banks Square Off in Second Hearing on Years-Long FOM Case

The second hearing in a now years-long credit union field-of-membership case concluded Friday afternoon before a State Corporation Commission hearing examiner. At issue is a field-of-membership expansion request initiated by Virginia Credit Union in November 2018, to add the not-for-profit Medical Society of Virginia, a membership organization for 10,000 medical professionals, to its field-of-membership.

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CUAC Meeting Talks Small Business Data Collection, Financial Literacy

The Consumer Financial Protection Bureau (CFPB) conducted its Credit Union Advisory Council (CUAC) meeting Thursday, the first with the current set of members. The meeting included a discussion of the CFPB’s small business lending data proposal, age-friendly banking, and youth financial literacy.

Compliance / Regulatory Affairs

Stablecoin Report Recommends Congressional Action on Currency

The President's Working Group on Financial Markets, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency have urged Congress to "act promptly" to pass legislation that would ensure proper oversight of stablecoins.

News From Chapters

Tidewater Chapter Meets Nov. 18

Steve Chilton, of Mortgage Guaranty Insurance Company, will be the featured speaker at the Tidewater Chapter's Nov. 18 meeting. Location: Greenbrier Country Club (1301 Volvo Parkway, Chesapeake, 23320) Time: 6:00 p.m. social; 6:30 p.m. dinner and meeting. Register by noon, Nov. 12.

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News From Credit Unions

1st Advantage Colleagues Give Back to Local Non-Profits

1st Advantage colleagues continued their 1st AIDE Day tradition, volunteering their free time to support some of the organizations that make the Hampton Roads region healthier, stronger, and more vibrant, sending a clear message that the work of nonprofits matters.

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Financial Services / Economy

Fed to Start Tapering Bond Purchases as It Begins Pulling Back on Pandemic Aid

The Federal Reserve approved plans to begin scaling back its bond-buying stimulus program this month and end it by June, a major step toward withdrawing its pandemic-driven economic support. The move was in line with market expectations following a series of Fed signals that it would begin winding down a program that accelerated in March 2020 as a response to the pandemic.

Fed officials in their post-meeting statement Wednesday said they still anticipated elevated inflation would fall because high readings are "largely reflecting factors that are expected to be transitory." "Supply and demand imbalances related to the pandemic and the reopening of the economy have contributed to sizable price increases in some sectors," the statement added.

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Risk Management

Risk Alert: SIM Swapping and Port-Out Fraud Leads to Account Takeovers

Fraudsters are hijacking members’ mobile devices through SIM swapping and portout scams that result in account takeovers. Both scams provide the fraudster with the ability to receive calls and SMS text messages intended for the mobile phone users.

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