CURRENT Newsletter | 14 October 2021
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Featured News
- League President/CEO Urges CUs to Register Now for Ignite 2021 | League Annual Meeting
- Tell Congress to Oppose New IRS Reporting Provisions
- League Files Comment Letter on Complex Credit Union Leverage Ratio, Risk-Based Capital
- WalletPalooza Fundraiser Supports VACUPAC, Financial Education; Get Your Tickets Now!
- VACUPAC Golf Tournament Tees Off Nov. 10
- CEO FORUM Set for Oct. 20; Register Now!
- TRGroup Offering Live Demos of Business Partners' Products, Services
- Biden’s Covid-19 Vaccine Mandate Moves Closer to Approval
Compliance / Regulatory Affairs
- NCUA Hosting Oct. 28 Webinar on Automated Cybersecurity Evaluation Toolbox
- CFPB Making Changes to Credit Card Data Submission Process
- FCC’s Reassigned Numbers Database Live Nov. 1
Financial Services / Economy
Featured News
League President/CEO Carrie Hunt Urges CUs to Register Now for Ignite 2021 | League Annual Meeting
- Among the many highlights at this year's event, League President/CEO Carrie Hunt will outline her vision for the League and spotlight key initiatives for the coming year and beyond! View Carrie’s video invite!
- October 15 is the final day to save $50 off your Ignite 2021 | League Annual Meeting registration.
- Need help securing a room? Contact your League's Mary Amyx at 800.768.3344, ext. 1630 or mamyx@vacul.org
Tell Congress to Oppose New IRS Reporting Provisions
Leadership in the US House of Representatives says the IRS Reporting Requirements we've been fighting will be added to the House's final reconciliation bill.
We are concerned about the compliance burden this represents for credit unions, the privacy issues it poses for our members and the security threat it represents for us all.
We urge you to reach out to your lawmakers today in opposition to this proposal. You can easily do so here. And thanks for taking the time to contact lawmakers! It does make a difference!
League Files Comment Letter on Complex Credit Union Leverage Ratio, Risk-Based Capital
Your League will today file its comment letter on NCUA's Complex Credit Union Leverage Ratio - Risk-Based Capital proposed rule.
"The Virginia Credit Union League (VACUL) generally supports the objective of the Complex Credit Union Leverage Ratio (CCULR) to provide a simpler option to risk-based capital," notes the letter. "However, regardless of the methodology and calculation, VACUL does not believe credit unions should be subject to more stringent capitalization requirements than community banks. The credit union threshold for being designated as well capitalized (10% by January 1, 2024) should be no more than the 9% requirement under the Community Bank Leverage Ratio (CBLR) framework."
WalletPalooza Fundraiser Supports VACUPAC, Financial Education; Get Your Tickets Now!
WalletPalooza is back! Help us raise funds for the Virginia Credit Union Political Action Committee (VACUPAC) and our financial education initiatives. Raffle tickets are available now online and you could win gift cards and cash packages valued at as much as $600! Tickets will also be available in-person during Ignite 2021 & the League Annual Meeting!
Tickets $10 each or 3 tickets for $20!
VACUPAC Golf Tournament Tees Off Nov. 10
Calling all golfers: the 32nd Annual VACUPAC Golf Classic tees off Nov. 10 at Hell's Point Golf Club.
Your participation aids our advocacy efforts by supporting the Virginia Credit Union Political Action Committee, the state-level, non-profit, non-partisan political action committee of the Virginia Credit Union League and its affiliated credit unions. We need sponsors, as well!
CEO FORUM Set for Oct. 20; Register Now!
This year's CEO Forum (small/mid-size CUs) will be held as a one-day, in-person event Oct. 20 at Credit Union House in Richmond. This is a great opportunity to learn from industry experts, network with your peers, and discuss your top-of-mind issues with new League President/CEO Carrie Hunt and other League staff.
TRGroup Offering Live Demos of Business Partners' Products, Services
The TRGroup, in collaboration with seven state leagues (including the Virginia Credit Union League), is excited to invite credit union executives to participate in our first Virtual “DEMO DAY” on Oct. 19.
Demo Day is an opportunity for credit unions to see live demonstrations of products and services with enterprise-wide benefits for your operations and your members.
Biden’s Covid-19 Vaccine Mandate Moves Closer to Approval
The Labor Department took the next step Tuesday to implement President Biden’s plan to require private-sector workers to be vaccinated against Covid-19 or be regularly tested. Your League has raised concerns with this rules’ impact on small businesses including the cost and availability of testing.
The proposed mandate would apply to businesses with 100 or more employees, the Labor Department said, confirming early statements. It would be implemented under a federal rule-making known as an emergency temporary standard and affect roughly 80 million workers nationwide, according to Biden administration estimates, or more than half the total U.S. workforce.
Learn more (Wall Street Journal subscription may be required)
Compliance / Regulatory Affairs
NCUA Hosting Oct. 28 Webinar on Automated Cybersecurity Evaluation Toolbox
The National Credit Union Administration is hosting a webinar on the National Credit Union Administration’s Automated Cybersecurity Evaluation Toolbox (ACET) beginning at 3 p.m. on Thursday, October 28.
The Toolbox is a downloadable self-contained application developed for credit unions as a holistic cybersecurity resource. The Toolbox guides credit unions through the ACET Maturity Assessment, which is aligned with the Federal Financial Information Examination Council’s Cybersecurity Assessment Tool (CAT). Using the ACET Maturity Assessment allows institutions of all sizes to determine and measure their own cybersecurity preparedness over time.
CFPB Making Changes to Credit Card Data Submission Process
The Consumer Financial Protection Bureau (CFPB) issued new technical specifications for the credit card agreement submission process. The CFPB’s Collect website is the mandatory vehicle for issuers to submit credit card agreements and their associated data in 2022 and beyond.
Issuers making credit card agreement submissions to the Bureau on a quarterly basis must complete a registration form and submit it to Collect_Support@cfpb.gov by November 1, 2021.
The Collect registration form is available here
Registered issuers will receive an email in early December with account credentials. The issuer will have the ability to review its current submissions and start making the required submissions using Collect, starting Dec. 1, once the issuer receives its login credentials.
Credit unions can view an overview of important dates, including submission deadlines, here.
FCC’s Reassigned Numbers Database Live Nov. 1
The Federal Communications Commission’s (FCC) Reassigned Numbers Database (RND) is scheduled to be operational for paid subscribers on Nov. 1, 2021 (registration opened Oct. 1).
The FCC's Reassigned Numbers Database (RND) is designed to prevent a consumer from getting unwanted calls intended for someone who previously held their phone number. Callers can use the database to determine whether a telephone number may have been reassigned so they can avoid calling consumers who do not want to receive the calls.
Callers that use the database can also reduce their potential Telephone Consumer Protection Act (TCPA) liability by avoiding inadvertent calls to consumers who have not given consent for the call.
The Reassigned Numbers Database can be found at www.reassigned.us.
Financial Services / Economy
Credit Unions Want to get into Crypto, But Worry About Regulatory Roadblocks
Some credit unions want to offer cryptocurrency services, but are wary of making the leap without regulatory guidance from the National Credit Union Administration.
Credit unions are waiting for specific rules from the NCUA, which earlier this year asked credit unions and other players in the digital asset market to comment on concerns about cryptocurrency and the blockchain technology that supports digital assets. To garner more responses, the agency extended its Sept. 27 deadline to Oct. 27.
The NCUA will use the input to develop more nuanced regulations to help credit unions expand into cryptocurrency and adapt to the ever changing market.
The commentary the agency has received suggests credit unions see blockchain and crypto as lucrative new markets, but are wary of running afoul of future regulation.
Many credit unions would feel comfortable venturing into blockchain and cryptocurrencies only if there is a regulatory framework to set guidelines of what is and is not allowed, said Jared Ross, president of the League of Southeastern Credit Unions and Affiliates, a trade group representing institutions across Alabama, Florida and Georgia. (American Banker, Oct. 14)
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