Latest News & VACUL Headlines
- 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.
- Cautiously Returning to Special Events
November 2, 2021As 2021 ends, some credit unions are in the process of planning for and hosting in-person events —including corporate holiday parties and other employee appreciation events. These office venues can be great opportunities for employee engagement, communication, team building, and fun; however, credit unions should cautiously plan to avoid risks that can result in harm to people, property, and reputation. It is critical that you rethink, redefine, and adapt venue options during the pandemic.
- Statement of CFPB Director Chopra on Stablecoin Report
November 2, 2021CFPB Director Rohit Chopra released a statement today regarding the Report on Stablecoins issued by the President’s Working Group on Financial Markets, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation.
- Stablecoin Report Recommends Congressional Action on Currency
November 2, 2021The President's Working Group on Financial Markets, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency have urged Congress to "act promptly" to pass legislation that would ensure proper oversight of stablecoins.
- NCUA Extends MDI Mentoring Grants Application Deadline to Nov. 14
November 1, 2021Credit unions eligible to apply for the National Credit Union Administration’s (NCUA) minority depository institutions (MDI) mentoring grants now have until Nov. 14 to submit their applications.
- NCUA Should Conduct Broader Evaluation of Amendments to Subordinated Debt Rule, CUNA, NAFCU and Inclusive Tell Agency
October 29, 2021NCUA needs to conduct a broader evaluation of proposed amendments to its 2020 Subordinated Debt Rule, CUNA, NAFCU and Inclusiv have told the agency in a joint letter.