Latest News & VACUL Headlines
- House Committee Passes Remote Online Notary Legislation
July 21, 2022The House Energy and Commerce Committee passed the Securing and Enabling Commerce Using Remote and Electronic Notarization Act of 2021 (H.R. 3962). A bipartisan group of Virginia lawmakers had signed on in support of the measure.
- DCCU Announces New Fishersville Location
July 20, 2022DuPont Community Credit Union (DCCU) will open its 14th branch later this summer. The Windward Pointe Member Center will be located in the Food Lion shopping center in Fishersville, Virginia.
- CUs Told to Prepare for Climate Change Regs
July 20, 2022In an unseasonably warm day in Scotland, credit union leaders from around the globe who are gathered here were urged to prepare for coming regulations around sustainable finance, including those related to climate change. “Regulations are coming. It’s going to create a significant regulatory burden. A lot of climate related reporting is coming.”
- Bill Would Bring Closer a Major Overhaul of AML Laws
July 20, 2022A major overhaul of America’s anti-money laundering laws is another step closer after the House of Representatives’ most recent action, according to one analysis. The bipartisan Establishing New Authorities for Businesses Laundering and Enabling Risks to Security (ENABLERS) Act was included in House-passed version of the National Defense Authorization Act.
- 'Minibus' Bill Funds Priorities Important to CUs, Communities
July 20, 2022The “minibus” appropriations bill set for a House vote this week includes appropriate funding levels for credit union priorities, including Treasury’s Community Development Financial Institutions Fund and NCUA’s Community Development Revolving Loan Fund.
- Credit Unions ‘Integral’ to FHFA’s Housing Mission, Goals
July 20, 2022Credit unions are integral to achieving the Federal Housing Finance Agency’s (FHFA) housing mission and goals, CUNA wrote to House Financial Services leadership Tuesday. The committee will conduct its semiannual hearing on FHFA oversight hearing Wednesday with FHFA Director Sandra Thompson scheduled to testify.
- FHFA Announces Office of Financial Technology
July 20, 2022The Federal Housing Finance Agency (FHFA) Tuesday announced the establishment of the Office of Financial Technology. This Office will serve as a centralized source of information to support FHFA in addressing emerging risks and advancing Agency priorities related to the adoption and deployment of financial technology (fintech).
- Federal Reserve Invites Comment on LIBOR Reference Rate Proposal
July 20, 2022The Federal Reserve Board on Tuesday invited comment on a proposal that provides default rules for certain contracts that use the LIBOR reference rate, which will be discontinued next year. The proposal implements the Adjustable Interest Rate (LIBOR) Act, which Congress enacted earlier this year.
- Fed Releases Latest Consumer Credit Outstanding Data, Industrial Production and Capacity Utilization Summary
July 20, 2022According to the Federal Reserve, in May, consumer credit increased at a seasonally adjusted annual rate of 5.9%. Revolving credit increased at an annual rate of 8.1%, while nonrevolving credit increased at an annual rate of 5.2%. Click here for the Fed’s Consumer Credit Outstanding (G.19) data.
- CFPB Readies Guidance on Money-Transfer Scams
July 20, 2022The Consumer Financial Protection Bureau is readying new guidance set to be released in the coming weeks to prod banks to repay more customers who get scammed on Zelle and other money-transfer services, The Wall Street Journal reported, citing people familiar with the regulatory effort. Money-transfer services boomed during the pandemic as people shunned ATMs and ditched cash and checks for online money transfers. Such growth led to more reported payments fraud, the Journal reported.