Latest News & VACUL Headlines
- Biden Extends Student Loan Payment Pause Through May 1
December 23, 2021President Biden extended the pause on federal student loan repayments by another three months as the U.S. faces a fresh wave of COVID-19 cases from the omicron variant, removing a near-term threat to millions of Americans’ finances. The move on Wednesday takes the moratorium on payments, interest and collections through May 1.
- NCUA Extends COVID-19 Regulatory Relief
December 22, 2021The NCUA board has unanimously approved, by notation vote, an extension of the effective date of its temporary final rule, which modified certain regulatory requirements to help ensure that federally insured credit unions remain operational and can address economic conditions caused by the COVID–19 pandemic. Read more
- DCUC Responds to Planned DoD Study of Financial Institutions on Military Bases
December 22, 2021The House Armed Services Committee has directed the Department of Defense to conduct a study on financial institutions on military bases.
- Woods Rogers: COVID-19 Legal Round Up and Looming 2022 Deadlines
December 22, 2021Our partner attorneys at Woods Rogers have compiled information on each of President Biden's three vaccine mandates and where they stand as of Dec. 21, 2021. Learn more
- Woods Rogers: Cybersecurity Case Holds Lessons for CUs
December 22, 2021Under Virginia law, businesses can assume a tort duty to protect personally identifiable information by representing to customers that they carefully safeguard this information. The Supreme Court of Virginia declined to determine whether this holding is correct but may need to revisit this question. In the meantime, businesses should carefully craft statements in privacy notices to avoid assuming a tort duty to protect personally identifiable information.
- Community Banks Juggle Anti-Overdraft Pressures with Preserving Fee Income
December 22, 2021Many community banks might not be willing to give up overdraft revenue despite growing pressure to defray the practice from both competitors and regulators.
- Join CDFI Program, NACA Program Pre-Application Webinar on Jan. 10
December 22, 2021Interested in applying to the upcoming fiscal year (FY) 2022 funding round for the Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program)? To help your organization prepare for the upcoming round, join CDFI Fund staff for an informational pre-application webinar on Jan. 10, 2022.
- CFPB Shutters Lending by VC-Backed Fintech for Violating Agency Order
December 21, 2021The Consumer Financial Protection Bureau (CFPB) announced that LendUp Loans has agreed to halt making any new loans and collecting on certain outstanding loans, as well as to pay a penalty, to resolve a September 2021 lawsuit alleging that it continued to engage in illegal and deceptive marketing in violation of a 2016 CFPB order. The lawsuit also accuses LendUp of violating fair lending regulations.
- Risk Alert: Account Takeovers Stemming From Credit Card Management Systems
December 21, 2021Credit unions utilizing credit card management systems offered by card processors have reported fraud due to account takeovers. These systems allow members to view balances and recent transactions, sign-up for and access e-statements, and make payments 24/7. Fraudsters are enrolling compromised cards for this service by exploiting weak authentication measures.
- NCUA Releases Q3 2021 State-Level Data Report
December 21, 2021Federally insured credit unions continued to see elevated asset, share, deposit growth over the year ending in the third quarter of 2021, according to the latest NCUA Quarterly U.S. Map Review.