Latest News & VACUL Headlines
- NCUA Issues Letter on Voluntary Credit Union Diversity Self-Assessment
January 3, 2022NCUA Board Chairman Todd Harper is inviting CUs to participate in NCUA's Diversity Self-Assessment.
- 2022 Threshold Adjustments Under the Truth in Lending Act (Regulation Z), the Consumer Leasing Act (Regulation M), and the Fair Credit Reporting Act (Regulation V)
January 3, 2022Last month, the Consumer Financial Protection Bureau (CFPB) issued annual adjustments for three exemption thresholds under the Truth in Lending Act (TILA or Regulation Z) and the Consumer Leasing Act (CLA or Regulation M). The thresholds exempt loans from special appraisal requirements for higher-priced mortgage loans and determine exempt consumer credit and lease transactions under Regulation Z and Regulation M. The 2022 thresholds, effective on January 1, 2022, will increase from the 2021 thresholds.
- Reminder: Comments Due Jan. 6 on CFPB Small Business Lending Data Collection Proposal
January 3, 2022Comments are due to the Consumer Financial Protection Bureau (CFPB) Jan. 6 on the Bureau’s proposed rule, intended to amend Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) made by section 1071 of the Dodd-Frank Act.
- MLA Database Update
January 3, 2022The Department of Defense is updating the Military Lending Act (MLA) Database, adding cadets and midshipmen attending Military Service Academies of the Armed Forces, who are covered borrowers under the MLA. This change to the database will be effective Feb. 1, 2022.
- Equifax Adding Buy Now, Pay Later Payments to Credit Reports
December 31, 2021Payments on buy now, pay later (BNPL) loans will be added to credit reports in the coming year. That’s good news for some consumers, but others should be careful.
- More COVID-19 Legal Developments
December 31, 2021The legal developments on COVID did not take a holiday in the nine days since our previous article. There have been significant developments with the various vaccine mandates, new CDC quarantine guidance, and changes to OSHA healthcare standards. Furthermore, the Supreme Court of the United States is set to weigh in imminently. Learn more
- CDC Cuts Isolation Time Recommended for People with Asymptomatic Coronavirus Infections
December 30, 2021Federal health officials on Monday shortened the recommended time Americans infected with the coronavirus should isolate from 10 days to five if they are asymptomatic — a decision they said was driven by a growing body of research about when people are most infectious. Learn more
- State Supreme Court Finalizes Legislative Districts
December 30, 2021The Supreme Court of Virginia announced Tuesday that it had unanimously approved legislative maps that will determine districts for the Virginia General Assembly and U.S. of Representatives.
- MCUEs: Credit Union Loans Increased 1% in October
December 23, 2021Credit union loans outstanding increased 1.0% in October, compared to a 0.6% increase in September of 2021 and a 0.2% increase in October of 2020 according to CUNA’s latest Monthly Credit Union Estimates.
- Brian Knight Selected as NASCUS President and CEO
December 23, 2021The National Association of State Credit Union Supervisors (NASCUS) has named Brian Knight as its next president and CEO, effective Jan. 1, 2022. NASCUS is the professional association of the nation’s 45 state credit union regulatory agencies that charter and supervise 1,975 state credit unions.