Latest News & VACUL Headlines
- NCUA Updates LID Area Workbook, Results in Decline of LID Population
August 9, 2022The National Credit Union Administration (NCUA) recently released an updated version of its Low-Income Designated (LID) Area Workbook, used to determine which geographic areas are classified as low-income.
- Warren to Target Bank Crypto Offerings in US Regulator Query
August 9, 2022Massachusetts Democrat Elizabeth Warren is circulating a letter among her Senate colleagues that would ask a key US bank regulator to withdraw legal guidance that has underpinned Wall Street’s foray into crypto. Warren wants the Office of the Comptroller of the Currency to pull a series of Trump-era interpretations that paved the way for banks to offer services like crypto custody for clients.
- Interchange Bill Means Fewer Options, Increased Data Security Threats
August 9, 2022CUNA, all Leagues, the American Bankers Association, and all state banking associations wrote to Congressional leadership outlining strong opposition to the interchange bill introduced earlier this month by Sens. Roger Marshall, R-Kan., and Dick Durbin, D-Ill. Note: You can help our efforts by writing your lawmakers!
- Comprehensive Digital Asset Framework Would Aid Adoption
August 9, 2022Digital asset innovations represent new opportunities for consumers and credit unions, CUNA wrote to the Treasury Monday in response to a request for information on digital asset development. CUNA notes credit unions support a “whole-of-government” approach to the issue, as outlined in President Joe Biden’s March executive order on the subject.
- CFPB Gets Earful on Limiting Credit Card Late Fees
August 9, 2022Credit unions and banks are pushing back hard against an effort by the Consumer Financial Protection Bureau to put a halt to a roughly 9% hike next year in credit card late fees pegged to inflation.
- Consumer Agency Using 'Every Tool' to Step Up Scrutiny of Financial Institutions
August 9, 2022The Consumer Financial Protection Bureau is sending a strong message to financial institutions that it will use whatever means possible to crack down on the industry and advance the agency's key priorities under Director Rohit Chopra.
- Cross-Regulator No-Action Process Would Provide Oversight, Consistency
August 9, 2022CUNA strongly supports the Financial Crimes Enforcement Network’s effort to establish a no-action letter process, it wrote to FinCEN Friday. No-action letters come from government agencies stating it will not take legal action should an entity proceed with a proposed course of action.
- 2nd Annual #ILoveMyCredit Union Blitz Had Potential Reach of 6 Million
August 9, 2022The 2nd annual #ILoveMyCreditUnion social media blitz on July 29 had a global reach of more than six million people and a “hearty” 55,000 active engagements, according to the Illinois CU System, which again organized the event. And thank you to all the Virginia-based credit unions that participated!
- CUNA Amicus Brief: FCRA Applies to Factual Inaccuracies, Not Legal Issues
August 9, 2022CUNA and other organizations filed a brief in the 2nd Circuit Court of Appeals Thursday in Sessa v. TransUnion stating the FCRA requires credit reporting agencies to guard against factual inaccuracies, not to resolve legal disputes.
- NAFCU Compliance Blog: Another Large Bank Fined Millions for Sham Accounts
August 9, 2022The Consumer Financial Protection Bureau (CFPB) recently announced a consent order with U.S. Bank, a Minnesota based bank with $559 billion in assets. According to the CFPB, U.S. Bank “issued credit cards and lines of credit and opened deposit accounts for certain consumers without their knowledge and consent and without required applications and disclosures…” Does this sound familiar?