Latest News & VACUL Headlines
- CUs Host Roanoke Valley, Lynchburg Lawmakers at Aug. 17 Reception
August 18, 2022Sixty credit union supporters from across the Roanoke Valley and Lynchburg joined us in Roanoke Aug. 17 for a legislative reception that drew eight lawmakers.
- Banks Change Overdraft Policies Amid Competition, Regulatory Pressure
August 17, 2022Pressure from regulators and lawmakers and a need to stay competitive has pushed many banks to make changes to their overdraft practices in the past year.
- Fed Warns Banks to Check Legality of Crypto-Related Activity
August 17, 2022The Federal Reserve is directing banks under its supervision to check in with the regulator before engaging in crypto-related activities to be sure those activities are legal.
- The Big Question in Auto Loans: Why Aren’t Repossessions Increasing?
August 17, 2022A new report suggests more and more car buyers are having difficulty keeping up with auto loan payments—but raises the question over why repossessions aren’t rising. According to a report from Automotive News, 1.63% of auto loans haven’t received a payment in at least 60 days, which is 0.4% higher than it was the same time in 2021, and the highest in the past four years.
- NAFCU Compliance Blog: Algorithmic Action - UDAAPs and a Fine for Hello Digit
August 17, 2022On Aug. 10, the CFPB announced a consent order against Digit for UDAAP violations under the Consumer Financial Protection Act of 2010 which requires the fintech to reimburse customers for overdraft requests that were denied and pay a $2.7 million fine to the bureau.
- Toomey Questions FDIC Over 'Choke Point'-esque Crackdown of Banks and Crypto
August 17, 2022Sen. Pat Toomey, R-Pa., is pressing the Federal Deposit Insurance Corp. on its stance toward banks involvement in cryptocurrency, questioning if the agency is "improperly" deterring banks from offering cryptocurrency services.
- Fed Finalizes 'Master Accounts' Guidance
August 17, 2022The Federal Reserve Board has finalized its guidance for novel financial companies to access master accounts, which allow institutions to transfer money directly to other account holders in a network that underpins the global financial system.
- Webinar Aug. 30: FedNow & the Implications of New Amendments to Regulation J
August 17, 2022Regulation J provides the legal framework for depository institutions to collect checks and other items and to settle balances through the Federal Reserve System. The regulation also specifies terms and conditions under which Federal Reserve Banks will process funds transfers via Fedwire. With the addition of their FedNowSM service, scheduled to go live in 2023, the Federal Reserve has issued new rules that will govern transfers over the service.
- REMINDER - Live Risk Forum Aug. 16 on Workplace Safety & Security
August 16, 2022While each credit union has its own unique risk footprint, workplace safety and security risks are most likely on your radar. Join us Aug. 16, as CUNA Mutual Group's expert risk management and insurance panelists -- along with hundreds of your credit union peers -- discuss the evolving threats to your credit union.
- IRS Announces Interest Rate Increases for Fourth Quarter 2022 Starting October 1
August 16, 2022The Internal Revenue Service (IRS) announced that interest rates will increase for the calendar quarter beginning Oct. 1, 2022.