Latest News & VACUL Headlines
- 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.
- $42.7M Lost to Fake Crypto Apps
July 20, 2022The Federal Bureau of Investigation said fake cryptocurrency investment apps have so far scammed 244 victims and stolen $42.7 million in the past two years as cybercriminals take advantage of the heightened interest in mobile banking and cryptocurrency investing. The fraudsters use names, logos and other details of legitimate financial institutions and mimic their websites.
- NAFCU Compliance Blog - A CFPB Roundup
July 20, 2022In addition to publishing some recent advisory opinions, the Consumer Financial Protection Bureau (CFBP) has been busy cooking up some enforcement actions (EA). Here are two notable EAs that have come out recently.
- Sen. Tim Kaine Signs On as Co-Sponsor of CU Legislation
July 20, 2022Sen. Tim Kaine has signed on as a co-sponsor of S.4325, the Credit Union Board Modernization Act.
- Treasury’s Liang Says Reining in Stablecoins Harder Without Federal Payments Regulator
July 19, 2022Stablecoins have the potential to upend the payments sector, and the lack of a federal payments regulator makes it harder to tackle the problem, a top Treasury Department official says.
- House Version of NDAA Gives NCUA Third-Party Oversight Authority; League Opposes Expansion of NCUA Authority
July 19, 2022While the credit union trade associations have hailed House passage of the National Defense Authorization Act because it includes amendments backed by CUs, getting less attention with last week’s passage is the fact the bill would also give NCUA oversight of third-party vendors. Your League remains engaged on this issue and other provisions of interest to credit unions in the NDAA as the Senate begins its work on the legislation.