Latest News & VACUL Headlines
- 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.
- National Credit Union Foundation Announces New Position, Strategic Reorganization to Support Financial Well-being for All
July 18, 2022In light of the continuing decline of the nation’s financial well-being and anticipation of further economic uncertainties, the National Credit Union Foundation (the Foundation) today announced a strategic reorganization to accelerate its mission. The charitable arm of the U.S. credit union movement says the move is designed to more effectively align its core outputs – education programs, grants program, and its events and speaking strategy.
- Want to Serve on CFPB's Credit Union Advisory Council? Application Deadline Fast Approaching
July 18, 2022The CFPB is accepting applications to its Credit Union Advisory Council (CUAC) and other advisory committees.
- CFPB Extends Late Fee ANPR Deadline to August 1
July 18, 2022The CFPB extended the comment deadline for its advance notice of proposed rulemaking on credit card late fees to August 1 (from the original July 17 deadline). CUNA called on the CFPB to extend the comment deadline by at least 60 days in a letter sent in June.
- Arlington Community FCU Awards $30,000 in Grants to Local Non-Profits
July 18, 2022Arlington Community Federal Credit Union awarded $30,000 in grants to organizations in Northern Virginia focused on housing opportunity, financial education and workforce development.
- CFPB’s Garnishment Order Makes a Muddle of Law, Procedure
July 18, 2022On May 4, the Consumer Financial Protection Bureau finalized an enforcement order against Bank of America. In its zeal to bring the Consumer Financial Protection Act to the aid of consumer-debtors, the CFPB makes a muddle of state commercial law and civil procedure.