Latest News & VACUL Headlines
- Five CU Leaders Make Virginia Business Magazine's List for Most-Influential Leaders
August 31, 2022A number of Virginia-based credit union executives made Virginia Business Magazine's "Virginia 500" list of the most influential leaders in the financial services and insurance industries.
- Rumored Regulation E, EFTA Expansion from CFPB is ‘Unwise, Unlawful’
August 31, 2022The Consumer Financial Protection Bureau’s (CFPB) rumored plan to expand Regulation E and the Electronic Fund Transfer Act (EFTA) is unlawful, would contravene the bill’s text, and would run afoul of the Administrative Procedures Act, CUNA wrote to the CFPB Tuesday.
- Democratic Group Says People of Color, Low-Income Communities Continue to be Financially Excluded; Backs Expansion of Postal Banking
August 31, 2022A new report from the Joint Economic Committee Democrats says people of color and low-income communities continue to be disproportionately harmed by banking and financial exclusion, and among its recommended remedies is expanded postal banking.
- More Americans Buying Everyday Items, Especially Food, Using BNPL; Delinquencies Rise
August 31, 2022As consumers face higher prices, more people are getting into financial trouble for using buy now, pay later (BNPL) financing for everyday purchases, especially groceries.
- How to Apply for American Banker's 'Most Powerful Women in Credit Unions'
August 31, 2022American Banker's Most Powerful Women in Credit Unions celebrates the senior executives guiding the future of the credit union industry, while also examining issues of mentorship and inclusion.
- DOJ Backs Democrats in FDIC Board Struggle
August 31, 2022The Department of Justice has sided with the Federal Deposit Insurance Corp.'s board over its former chair. The department of legal counsel at the Department of Justice has released an opinion stating that the chairperson can't prevent a majority of the FDIC board from presenting items for a vote and decision.
- Register Now for Sept. 15 Webinar on Climate-Related Preparedness
August 31, 2022The National Credit Union Administration Office of Consumer Financial Protection is partnering with the Federal Emergency Management Agency (FEMA) to host a webinar on Sept. 15, focused on how credit unions and their members can prepare for, and remain resilient in the face of, climate-related disasters.
- CFPB Releases HMDA Quarterly Graphs Tool
August 31, 2022The Consumer Financial Protection Bureau (CFPB) is pleased to announce the Quarterly Graphs tool. This new tool helps users understand Home Mortgage Disclosure Act (HMDA) mortgage loan data, and provides, for the first time, important HMDA data on mortgage market trends during the collection year itself.
- NAFCU Compliance Blog: Board of Directors and Reasonable Health Insurance
August 31, 2022NCUA is somewhat ambiguous about what it considers reasonable health insurance and has addressed this issue on a case-by-case basis. Along the way, NCUA has issued several NCUA Legal Opinion Letters that may provide some clues into what NCUA may consider appropriate health insurance coverage. A credit union finds its authority to provide health insurance to its board of directors in section 701.33(b)(2)(ii).
- NAFCU Compliance Blog: Lessons in Account Opening ID Requirements - Youth Edition
August 31, 2022Credit unions’ CIP/MIP policies should outline what documentation it requires for verification purposes, and the methods it uses for non-documentary verification. If this is not currently addressed in the policy, a credit union may want to consider updating it to reflect that information in order to facilitate the process of minor account openings where the minor does not have a government-issued photo ID.