Latest News & VACUL Headlines
- Time Running Out for Student Loan Servicers to Help Servicemembers with Student Loans Get Debt Relief
July 25, 2022The Consumer Financial Protection Bureau is urging student loan servicers to aid servicemembers who may be eligible for student loan debt relief.
- NAFCU Compliance Blog: NCUA Follows Banking Regulators, Proposes Cyber Incident Notification Rule
July 25, 2022Last fall, major federal banking regulators issued a final rule that imposed new cyber incident notification requirements on banks. While that rule does not apply to credit unions, cyber incident reporting requirements for credit unions are now on the horizon. Last week the National Credit Union Administration (NCUA) issued their own proposed rule on this topic.
- Schumer's Long-Awaited Cannabis Legislation Introduced
July 22, 2022Senate leaders are introducing sweeping legislation Thursday meant to lift federal prohibitions on marijuana more than 50 years after Congress made the drug illegal. Senate Majority Leader Chuck Schumer’s Cannabis Administration and Opportunity Act would decriminalize cannabis on the federal level. Its odds of passing in this Senate are slim, but the legislation will shape the conversation around cannabis legalization going forward. While your League doesn't take a position on legalizing cannabis at the federal level, we do remain engaged on the issue in seeking a legal and safe harbor for credit unions to work with legal cannabis firms, especially important now that Virginia will allow the retail sale of recreational-use marijuana to adults beginning January 2024.
- Dems Urge CFPB To Bolster Payment App Fraud Protections
July 22, 2022A group of Democratic senators is calling on the Consumer Financial Protection Bureau to push banks to shoulder more liability for fraud that occurs on peer-to-peer payment platforms like Zelle, arguing that consumer protections around electronic payments need to be updated for the digital age.
- FHFA Will 'Reexamine' Role of Federal Home Loan Banks: Thompson
July 22, 2022The director of the Federal Housing Finance Agency said the agency would “reexamine” the structure and role of the Federal Home Loan banks in the U.S. housing market, the first possible steps of long-sought reform.
- Seeking Market Stability, Some Crypto Firms Implying Deposits Federally Insured
July 22, 2022One of the latest casualties of the crypto market turmoil could portend a larger push by regulators to crack down on how industry players market themselves to consumers, especially as it relates to federal deposit insurance.
- NCUA Adjusts ONES Supervision Threshold; Issues Cyber Incident Proposal
July 22, 2022The NCUA board approved its final asset threshold supervision rule and issued a proposal on cyber incident reporting at its meeting Thursday. The board also heard a briefing on the 2022 mid-session budget.
- What’s Next for Cryptocurrency, Blockchain?
July 22, 2022Company coins and blockchain-based smart contracts could affect credit union deposits and lending, note experts.
- Recession Will Begin Earlier Than Expected, Says Fannie Mae Forecast
July 22, 2022Amid record inflation and higher interest rates, expectations for full-year 2022 and 2023 real GDP growth were downgraded in July due to softening consumer spending and a downward revision to business inventory investment data, according to the July 2022 commentary published by the Fannie Mae Economic and Strategic Research (ESR) Group.
- Potential for FHFA to Purchase More Nonconforming Loans from CDFIs is Addressed by Director
July 22, 2022FHFA Director Sandra Thompson has offered some direction around the agency’s posture regarding pilot programs and the purchase of more noncomforming loans from CDFIs.