Latest News & VACUL Headlines
- 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.
- $275-Million CU To Buy $210-Million Bank
August 16, 2022In a move that has not been seen since credit unions began buying banks more than ten years ago, one credit union intends to acquire a bank that’s nearly equal to its own size.
- Industry Growth Leads Credit Union Regulator to Raise Key Supervision Threshold
August 16, 2022The National Credit Union Administration on July 21 approved a final rule raising the total asset threshold for enhanced supervision under the Office of National Examinations and Supervision, or ONES, to $15 billion from $10 billion. Starting Jan. 1, 2023, ONES will examine capital planning and stress tests for credit unions with more than $15 billion in total assets, while credit unions that cross $10 billion in total assets will now remain under regional office supervision. However, credit unions already above $10 billion in total assets under ONES supervision will continue to be supervised by that office.
- League Staff Attend Event for State Sen. Mamie Locke; Speak with Rep. Bobby Scott
August 16, 2022Virginia Credit Union League staffers J.T. Blau and CeJae Vtipilson had a great time with state Sen. Mamie Locke (D-2nd) at her Southern Luau in Newport News last weekend. We were also fortunate to speak with U.S. Rep. Bobby Scott (D-03), who was in attendance.
- In Comment Letter to NCUA, League Notes Regulatory Relief Needed Well Beyond Simply Rules on the Books
August 16, 2022Your League today filed a comment letter with the National Credit Union Administration as part of the agency's annual review of one-third of its regulations. This year’s review covers parts 700 to 710.
- Risk Alert: Mail Theft Uptick Leads to Check Fraud
August 16, 2022Mail theft and armed robberies against U.S. Postal Service carriers have increased substantially throughout the country. The criminal's focus is to gain access to the master keys of the blue USPS mailboxes – ultimately in search for checks that can be altered, counterfeited, or sold online.