Latest News & VACUL Headlines
- FDCPA-Reg F: What You Need to Know Before Nov. 30, 2021
November 9, 2021While the revised rule does not specifically address first-party creditors, credit unions should be aware of the rule and ensure that any third-party collectors engaged by the credit union are in compliance with Regulation F.
- Vaccine Mandate Rule: League Offers Initial Assessment; Seeks Answers on Key Legal Questions
November 5, 2021Well, the vaccine mandate rule came out yesterday -- all 490 pages of it! The actual rule part is small and digestible, albeit burdensome to implement. We offer an initial assessment of the rule and our employment law partners at Woods Rogers are working on answers to other key questions important to credit unions. Stay tuned!
- Virginia CUs Win National Social Responsibility Awards
November 5, 2021We're proud to announce that Virginia-based credit unions captured eight national awards from the Credit Union National Association (CUNA) for various projects and initiatives! These credit unions had earlier won first-place awards in our state-level competition.
- Details Unveiled for Vaccine Mandate for Employers wIth 100 or More Employees
November 4, 2021The Biden Administration today announced two new sweeping nationwide safety standards -- one that demands large businesses require their employees to either get the vaccine or test for COVID-19 regularly.
- Election Day Analysis
November 3, 2021Election night has brought a seismic shift of the partisan alignment in the Commonwealth. In an update early this morning, Hunton Andrews Kurth says that in an election with record-breaking turnout, Republicans have won their first statewide election since 2009 (as was the case 12 years ago, when Republicans swept all three statewide offices).
- CFPB Finds Credit Report Disputes More Common in Majority Black, Hispanic Aeas
November 3, 2021Consumer Financial Protection Bureau research found that consumers who live in majority Black and Hispanic neighborhoods, are younger, or have low credit scores have a greater likelihood of having disputes of inaccurate information appearing on their credit reports.
- FDIC Establishes Office to Support 'Mission-Driven' Banks
November 2, 2021The Federal Deposit Insurance Corp. created an office to support its engagement with mission-driven banks, such as minority depository institutions and community development financial institution banks.
- CUs, Banks Square Off in Second Hearing on Years-Long FOM Case
November 2, 2021The second hearing in a now years-long credit union field-of-membership case concluded Friday afternoon before a State Corporation Commission hearing examiner. At issue is a field-of-membership expansion request initiated by Virginia Credit Union in November 2018, to add the not-for-profit Medical Society of Virginia, a membership organization for 10,000 medical professionals, to its field-of-membership.
- Litigation Update: Substitute Opinion Issued in Hunstein Case
November 2, 2021A three-judge panel of the 11th Circuit issued a substitute opinion in Hunstein v. Preferred Collection and Management Services. The opinion adopts an expansive reading of Section 1692c with a judge dissenting on standing in light of the Supreme Court’s decision in TransUnion v. Ramirez. The lawsuit deals with communications under the Fair Debt Collection Practices Act (FDCPA).
- Risk Alert: SIM Swapping and Port-Out Fraud Leads to Account Takeovers
November 2, 2021Fraudsters are hijacking members’ mobile devices through SIM swapping and portout scams that result in account takeovers. Both scams provide the fraudster with the ability to receive calls and SMS text messages intended for the mobile phone users.