Latest News & VACUL Headlines
- $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.
- House ‘Minibus’ Vote, FHFA Oversight Hearing This Week
July 19, 2022The House and Senate are in Washington D.C., this week. The House is expected to vote on a “minibus” appropriations package containing six bills, including the FY23 Financial Services and General Government (FSGG) bill.
- NAFCU Compliance Blog: Risky Business - Every 'Customer' is Different
July 19, 2022When it comes to money laundering (ML) and terrorist financing (TF) risk, potential members are not created equally. In fact, there are certain professions or businesses that have been identified by federal regulators as possibly requiring more in-depth Bank Secrecy Act (BSA) compliance processes. Over the last several months, however, the federal financial regulators have encouraged credit unions to take a different approach.
- CFPB Releases Advisory Opinion Reaffirming Position on 'Pay to Pay' Fees
July 19, 2022On June 29, the Consumer Financial Protection Bureau (CFPB) released an advisory opinion reaffirming its position that pay-to-pay or “convenience” fees are prohibited by section 808(1) of the Fair Debt Collection Practices Act (FDCPA) unless the fees are expressly authorized by the agreement creating the debt or expressly authorized by law. One thing to keep in mind is the FDCPA and its prohibitions against pay-to-pay fees apply to third-party debt collectors and generally do not apply to credit unions.
- Treasury Program Sets Up Minority Depository Institutions to Outperform Industry
July 19, 2022U.S. minority depository institutions reported higher growth and profitability in the first quarter compared to the rest of the banking industry and new capital from a Treasury program can give them the opportunity to accelerate their expansion.
- CRA Rules Should Do More to Help Minorities, Advocacy Groups Say
July 18, 2022Fair housing groups say new, multiagency rules to implement the Community Reinvestment Act do not go far enough to help minorities. Unveiled in early May, the rules would expand both the reach and scope of evaluations as to whether banks are providing enough financial services to low- and moderate-income communities under the 1977 law.