Latest News & VACUL Headlines
- Virginia House Control in Limbo; Recounts Sought in 2 Races
November 17, 2021Two incumbent Democrats who trail Republican challengers in close races in Virginia’s House of Delegates announced Tuesday that they will seek recounts, leaving control of the chamber in limbo.
- CU-Supported Member Governance Bill Passes Committee
November 17, 2021CUNA wrote in support of two bills prior to the House Financial Services Committee markup Tuesday. The CUNA-supported Credit Union Governance Modernization Act (H.R. 2311) passed the committee unanimously by voice vote. H.R. 2311 would modernize the member expulsion process. H.R. 5911 would expand employment opportunities at banks and credit unions by reducing barriers to employment based on past minor criminal offenses.
- League Writes State Agency Over Costs Associated With COVID Testing
November 17, 2021Your League is today submitting a letter to the Virginia Department of Labor and Industry, asking that costs associated with COVID testing under the federal Occupational Safety and Health Administration's (OSHA) Emergency Temporary Standard not be borne by those state's employers that would fall under the ETS.
- CFPB Seeks Input on Detecting Discrimination in Mortgage Lending
November 17, 2021The Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) on Nov. 16, seeking input on rules implementing the Home Mortgage Disclosure Act (HMDA). Information sought by CFPB includes the operational and compliance costs associated with the HMDA Rule, plus the institutions covered by the rule.
- Pages From the Diary of Mrs. C. Hunt - Nov. 17, 2021
November 17, 2021Brick by brick. Sometimes when I think about advocacy it reminds me of that path -- endlessly stretching forward. But I am confident we will achieve our goals -- brick by brick.
- NCUA, CFPB Rescind COVID Flexibilities in Mortgage Servicing Disclosures
November 16, 2021Last week, NCUA, CFPB and other federal financial institution regulatory agencies issued a joint statement stating that the supervisory and enforcement flexibility issued April 3, 2020 is no longer necessary.
- NCUA Board to Consider Shared Facility Rule at Nov. 18 Meeting
November 16, 2021The NCUA Board will vote on the field-of-membership shared facility final rule at its Nov. 18 meeting. CUNA and your League support the shared facility rule as proposed, which would amend the chartering and field-of-membership rules to modernize requirements related to service facilities for multiple-common-bond federal credit unions.
- Reg Comment Call: NCUA Call Report
November 16, 2021NCUA plans a significant overhaul of the Call Report, proposing a restructuring to streamline the schedules, retire obsolete account codes, and accommodate the Risk-Based Capital Ratio Calculation schedule. Revisions are attributed to adding schedules for Off-Balance Sheet Exposures and the Risk-Based Capital Ratio Calculation. These changes are significant. Comments are being accepted until Nov. 26, 2021.
- Overdraft, NSF Fee Class Action Litigation Not Slowing Down for CUs
November 16, 2021In 2021, the CUNA Mutual Group third-party litigation team has handled on average two new overdraft/NSF Fee class action matters a week. If your credit union hasn’t yet been hit with one of these class actions, it's likely only a matter of time before you are.
- Vaccine Mandate: Courts Put Mandate on Hold, But CUs Should Map Out Plan to Comply
November 16, 2021Credit unions: We continue to monitor the OSHA emergency temporary standard requiring employees at companies with 100 or more employees to get vaccinated against COVID or submit to weekly testing. The League’s employment law partners at Woods Rogers are available for consultation as to credit unions' compliance plans.