Latest News & VACUL Headlines
- 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?
- Technology and Children’s Privacy: Understanding COPPA
August 8, 2022The Children’s Online Privacy Protection Act, enforced by the FTC, says that any site or service (think apps) that COPPA covers has to get a parent’s (or in some cases, a school’s) OK before it collects personal information from a child under age 13. Understand your responsibilities.
- CUNA Mutual Group’s ‘What Matters Now™ Research Explores Multicultural, Multigenerational Consumer Insights
August 8, 2022CUNA Mutual Group released its new What Matters Now™ consumer research, exploring multicultural and multigenerational consumer insights.
- League Urges CUs, Members to Contact Lawmakers on Interchange Bill
August 8, 2022Your League is calling on credit unions to voice their concerns with the Credit Card Competition Act, which was introduced by Sens. Dick Durbin (D-IL) and Roger Marshall (R-KS). The legislation poses a serious threat to sensitive financial data for millions of consumers by allowing the nation’s largest retailers to bypass established secure payment networks.
- League Amps Up Advocacy Initiatives on Interchange
August 8, 2022Your League is working to combat a bill in Congress that would alter the current interchange system.
- Resources Available for ICU Day
August 8, 2022Provide your staff and members with International Credit Union Day-themed gear from the Member Celebrations Store. Items include: t-shirts, cups, pens, piggy banks and much more. The early bird discount deadline is Sept. 5.