Latest News & VACUL Headlines
- CDFI Fund Implementing Civil Rights Act Compliance Reporting Requirements
August 3, 2023The Treasury Department said the CDFI Fund will begin implementing Civil Rights Act compliance reporting requirements. Beginning with the fiscal year 2023 Small Dollar Loan Program Funding Round, the Community Development Financial Institutions Fund (CDFI Fund) is requiring all award applicants to complete a Title VI Compliance Worksheet once annually with their applications, as well as their prospective sub-recipients that are not direct beneficiaries of federal financial assistance (e.g., Depository Institutions Holding Company and their Subsidiary Depository Institutions), Treasury said.
- AACUC To Host Webinar on Justice Climate Fund, Credit Unions
August 3, 2023As part of its Friday Conversation series, the African American Credit Union Coalition will host a webinar titled, “Justice Climate Fund and the Credit Union Community” on Aug. 18.
- Federal Financial Institutions Examination Council Releases Updates to Bank Secrecy Act/Anti-Money Laundering Examination Manual
August 2, 2023Today the FFIEC issued updates to 6 chapters of their BSA/AML Examination Manual. This was more of an organizational update than a substantive one. In their press release, the Federal Reserve notes that there “were no changes to the regulatory requirements covered by these sections.” Of the six sections that were updated, the one that will pertain most to credit unions is Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity, which covers procedures for 314(a) and 314(b) information sharing.
- Item of Note: DC Resolution on Foreclosure Protections
August 2, 2023On July 21, the Council of the District of Columbia approved PR25-0323 with resolution number R25-0220, which requires that notices continue to be sent to homeowners informing them of the District of Columbia’s Homeowner Assistance Fund (DC HAF) prior to a foreclosure action.
- NAFCU Compliance Blog: Automated Underwriting - Is it a Fair Lending Concern?
August 2, 2023Recently, NAFCU has heard that several credit unions have been under scrutiny from examiners for potential fair lending violations when determining if an automated system should be applied to an applicant at all. Specifically, NCUA examiners have applied regulatory scrutiny when a credit union has a policy of putting applications from applicants in certain age groups through a manual decision process rather than through an automated underwriting system (AUS). Credit unions may want to check their AUS to determine if age parameters are set or perhaps even a default feature, as applying such parameters could increase a credit union’s fair lending and compliance risk.
- Compliance: NCUA Issues Reminder on ECOA Requirements
August 2, 2023NCUA issued a reminder this week that "having a policy or practice of requiring manual underwriting as an exception to automated underwriting systems based on a minimum or maximum age" violates the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B. NCUA issued a Letter to Credit Unions (22-CU-04) in February addressing ECOA Nondiscrimination Requirements, including the prohibited basis variable “age” in their automated underwriting systems.
- Bylaws and Policies: Member Expulsion Part 4
August 1, 2023Welcome back! This is the final installment in our series on the NCUA's Member Expulsion Rule. So far we've covered how to determine if a member's behavior rises to the point of being expellable (Part 1), all of the Notices that you have to send (Part 2), and how the hearing and vote are conducted, as well as how to handle requests for reinstatement (Part 3).
- League President Carrie Hunt Issues Statement on CUNA, NAFCU Merger Announcement
August 1, 2023With the news today that the Credit Union National Association (CUNA) and the National Association of Federally Insured Credit Unions (NAFCU) intend to merge, League President/CEO Carrie Hunt offered her perspective on the potential impact for Virginia’s credit unions.
- CFPB Releases Blog Post Favoring Use of Self-Reported Cash Flow Data in Credit Underwriting
August 1, 2023On July 27, the Consumer Financial Protection Bureau (CFPB) released a new blog post, positing that cashflow data, broadly defined as the various inflows, outflows, and accumulated amounts in a consumer’s checking and savings accounts, may provide lenders with a better picture of a consumer’s ability to repay their loans than using a credit score.
- Richmond-Area Golf Tournament Raises $8,000 for VACUPAC
August 1, 2023Henrico Federal Credit Union, Richmond-area credit unions and credit union business partners presented an $8,000 check to VACUPAC this week to support Virginia credit unions' advocacy work. Henrico FCU hosts and coordinates the annual Bill Dawson VACUPAC Golf Tournament in support of the Virginia Credit Union Political Action Committee (VACUPAC), the political action committee for Virginia-based credit unions. The tournament is named in honor of the late Bill Dawson, a longtime volunteer on the Henrico FCU board of directors and a champion for state credit unions' advocacy work, including political fundraising.