Latest News & VACUL Headlines
- League Files Comment Letter on NCUA Proposal Governing Member Expulsion Process
December 5, 2022Your League has filed a comment letter with the National Credit Union Administration in response to the agency's proposed rule to amend federal credit union bylaws regarding member expulsion. We note several possible improvements to the proposal.
- CFPB Seeks to Limit Banks' Ability to Collect on Delinquent HELOCs
December 5, 2022The Consumer Financial Protection Bureau is taking the position that financial institutions cannot secure repayment on certain home equity lines of credit by pulling funds from their delinquent customers' checking accounts.
- Smart Sourcing and Procurement by Bankable Fintech
December 5, 2022The search for compatible fintech solutions that fit your credit union’s needs can be confusing, complicated and time consuming. With thousands of fintech companies in the marketplace today, how can you be sure that the solution you find fits the technology stacks at your credit union. League partner, Bankable Fintech, is the answer!
- CUs, League Meet With Gov. Glenn Youngkin on CU Issues and Economic Challenges
December 2, 2022Representatives from more than a dozen credit unions and the League met today with Gov. Glenn Youngkin and key administration officials.
- Applications to 'Crash the GAC' Open through Dec. 2
December 1, 2022Filene Research Institute, the Cooperative Trust, and CUNA announced Crash the GAC is bringing back its 14th cohort to Washington D.C. Applications for Crash the GAC are now open and the deadline to apply is Friday, Dec. 2.
- Risk Alert: Fraudsters Use BEC to Target Lack of Protection or Loose Controls
December 1, 2022Wire transfer fraud due to Business Email Compromises (BEC) has seen a spike in recent months. Multiple credit unions have reported high dollar losses to CUNA Mutual Group claims due to fraudulent wire transfers. BEC typically targets executive-level employees of the credit union and uses their credentials to send urgent requests via email or text for wire transfers.
- Credit Score Prices to Rise as Much as 400% in 2023
November 30, 2022Prices for FICO-issued mortgage credit scores for most in the lending industry will be increasing by 400% in 2023 — but the costs aren't rising as much for a small select group. According to a memo from the National Consumer Reporting Association obtained by National Mortgage News, FICO intends to group its customers into three tiers. Tier 1 consists of 46 lenders that will receive an increase of less than 10%, while the second tier is made up of six lenders, whose price for a credit score will increase by 200%. Every other originator is in the third tier and this group will see its prices rise by 400%.
- CFPB Guidance, Enforcement Hang in the Balance of US Supreme Court Appeal
November 30, 2022Financial institutions across the country are carefully monitoring the Consumer Financial Protection Bureau's appeal to the U.S. Supreme Court as the fate of the agency's funding, guidance and enforcement actions hang in the balance.
- NAFCU Compliance Blog: Fall 2022 Supervisory Highlights Part I: Auto Servicing, Consumer Reporting, Credit Card Account Management, and Debt Collection
November 30, 2022The CFPB recently released its biannual Supervisory Highlights, which provides an overview of certain financial regulatory trends. The CFPB issues the Supervisory Highlights to provide insight on various compliance pitfalls and examination trends.
- League Statement on the Passing of Rep. Donald McEachin
November 29, 2022The Virginia Credit Union League today issued the following statement on the passing of Rep. Donald McEachin. "We are saddened to hear of the passing of Rep. Don McEachin, a respected voice and dedicated champion for the Richmond area and south Central Virginia. Our thoughts and prayers go out to his family, friends and colleagues."