Latest News & VACUL Headlines
- CFPB Compliance Guides, Videos and Resources Available
August 26, 2022Credit unions can get access here to the Consumer Financial Protection Bureau’s (CFPB) Compliance guides, videos, and other resources to help entities understand, implement, and comply with Bureau rules and the statutes it implements.
- System Urges NEV Test Change
August 26, 2022CUNA sent a letter to the National Credit Union Administration (NCUA) Board Wednesday sharing concerns credit unions and Leagues have raised regarding the Net Economic Value (NEV) Supervisory Test.
- Rate Increases Creating a ‘Liquidity Premium,’ New Fed Bank of St. Louis Research Finds
August 26, 2022As it is becoming more costly for people to hold not only cash but also bank deposits, new liquidity pressures are being felt by both financial institutions and depositors, creating a “liquidity premium,” according to new research by the St. Louis Federal Reserve Bank.
- CUs Need to Pay Attention To Convenience Fees
August 26, 2022Credit unions that have instituted “convenience fees” as a means of generating additional revenues could find themselves on the receiving end of a lawsuit or in the crosshairs of the CFPB, one legal and compliance expert is warning.
- CUs, League Highlight Legislative Priorities in Meetings With Reps. McEachin, Scott and Wexton
August 26, 2022In a busy day of advocacy, your League on Thursday met virtually and in-person with three members of our Congressional delegation. During each, we outlined four key legislative priorities for credit unions ...
- On Compliance: What the Supreme Court’s ‘Administrative State’ Decision Means for Credit Unions
August 25, 2022NCUA’s approach to regulation protects it from the uncertainty many agencies now face following the Environmental Protection Agency ruling. The U.S. Supreme Court’s recent administrative law decision in West Virginia v. Environmental Protection Agency may have sent shockwaves throughout the Washington, D.C. regulatory state, however, it is unlikely to disrupt policymaking at the National Credit Union Administration.
- AACUC Leverages Experts to Propel Small CU CEOs’ Success
August 25, 2022The African-American Credit Union Coalition hosted the inaugural Small Credit Union Summit, joined by CUNA Mutual Group, Inclusiv and the National Credit Union Administration (NCUA) and PRO Found Recovery Solutions, during its 24th Annual AACUC Conference. This is an exclusive summit for executives at small credit unions with less than $100M in assets; leaving CEOs empowered to tackle running their small credit unions with HR, Compliance, Lending, Board and Supervisory Governance strategies and best practices.
- Cannabis and Compliance
August 25, 2022Serving cannabis-related businesses (CRB) brings significant growth potential for credit unions—along with challenging operational demands and complex regulations. But cannabis banking doesn't necessarily mean high-risk banking. Virginia's recreational cannabis market is scheduled to begin in 2024, but the industry faces a long regulatory road ahead, including sorting out banking related issues.
- NAFCU Compliance Blog: Revised Closing Disclosures
August 25, 2022Regulation Z, section 1026.19(f)(1) requires lenders to provide closing disclosures prior to consummation of a mortgage loan. However, what happens when a mistake is made or a something occurs after providing the closing disclosures and they are inaccurate. Credit unions should review section 1026.19(f)(2), which lays out the procedures for correcting inaccurate closing disclosures ...
- One-in-Five Adults Unbanked, Underbanked, With Many Low-Income or People of Color, Congressional Report States
August 25, 2022The U.S. Congress Joint Economic Committee (JEC) has released a new report that finds nearly one in five U.S. adults are either unbanked or underbanked, and of the roughly 20% who lack access to a bank account or rely on alternative financial services, a disproportionate share are lower-income earners or people of color.