Latest News & VACUL Headlines
- Check Your Credit Union’s Compliance with New CFPB Rules
May 26, 2022Any credit union professional whose job involves the collection of consumer debts – whether as a collector or as one who supervises collectors – needs to understand these new rules. They affect telephone and electronic communications, time-barred debt, debt validation notices and record retention.
- IRS Interest Rates Increase for the Third Quarter of 2022
May 26, 2022The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning July 1, 2022.
- CUNA, League-Supported FOM Modernization Bill Passes House Financial Services Committee
May 26, 2022The House Financial Services Committee advanced the CUNA-League-led H.R. 7003, Expanding Financial Access for Underserved Communities Act with a 27-22 vote. The bill represents the most significant proposed update to the Federal Credit Union Act since 1998.
- NCUA Notes NCUSIF Performing Well, But Agency Will Remain Vigilant
May 26, 2022The National Credit Union Share Insurance Fund reported a net income of $54.4 million and a net position of $20.4 billion for the first quarter of 2022. The Fund’s total assets decreased to $20.6 billion at the end of the quarter from $20.7 billion at the end of the fourth quarter of 2021.
- GAO: Congress Should Consider Enhancing Protections Around Scores Used to Rank Consumers
May 26, 2022Companies increasingly use numeric scores to predict how consumers will behave. Scores are based on hundreds of pieces of information about a person's purchases, consumer characteristics, and more. Scores are used to target ads, to help companies collect debts from consumers, to assess the likelihood of criminal behavior and flight risk, and more. Unlike traditional credit scores, these scores may not be subject to consumer protection laws.
- U.S. Pending Home Sales Drop for a Sixth Month in Worst Skid Since 2018
May 26, 2022A gauge of U.S. pending home sales fell in April for a sixth straight month as a steep climb in mortgage rates compounds affordability challenges.
- Tidewater Chapter Awards Scholarships Totaling $19,000
May 26, 2022The Tidewater Chapter awarded $19,000 in scholarships to deserving high school seniors at the chapter's recent annual Scholarship Night.
- Holiday Closing Signs
May 25, 2022Your League makes available holiday closing signs for the various federal holidays. Just a reminder that the League offices in Richmond and Lynchburg will close at noon on Friday, May 27 and will be closed on May 30 for Memorial Day.
- Langley for Families Foundation Raises Record-Breaking $520,000 at Charity Golf Classic
May 25, 2022Langley for Families Foundation hosted its eighth Annual Charity Golf Classic at Golden Horseshoe Golf Club in Williamsburg on May 17 and raised a record-breaking $520,000 in gross profits for local nonprofits.
- Senate Confirms Thompson to Full-Term as FHFA Director
May 25, 2022The Senate confirmed Sandra Thompson as director of the Federal Housing Finance Agency Wednesday by a 49-46 vote. Thompson has served as acting director since June 2021, and has met with CUNA leaders while at the agency.