Latest News & VACUL Headlines
- Growth of Total Consumer Credit Cooled in May
July 13, 2022Total consumer credit rose 5.9%, at a seasonally adjusted, annualized rate in May and is up 7.3% compared to a year ago. Total consumer credit for credit unions rose 1.9%, on a seasonally adjusted basis, in May, compared to a 1.2% gain for banks and 0.3% increase for financial companies. From a year prior, total consumer credit at credit unions rose 11%, while banks experienced a 12.3% gain and financial companies rose 1.6%.
- More Than 150 Banks, CUs Hit by ‘Brand Impersonation Attacks’ in Q1, Analysis Finds
July 13, 2022A new analysis said it has found 164 regional bank and credit union brands in a sample of institutions experienced 870 online “brand impersonation attacks” during the first quarter of this year.
- Virginia Credit Union Moves Investment Program to Ameriprise Financial
July 13, 2022Virginia Credit Union (VACU), which serves more than 300,000 members out of 20 locations across Virginia, has moved its investment program to Ameriprise Financial (NYSE: AMP) from CUNA Brokerage Services.
- Employee Collaboration Tools Can Pose Increased Legal and Data Risks
July 12, 2022With credit union leadership recognizing the need to enhance team connections, the adoption of employee collaboration (EC) and messaging platforms has steadily increased. As a result, business communication has become less formal, and contributed to by a broader audience of participants. Despite increased productivity, risks related to data governance, employment practices liability, data retention efforts, and reputational missteps have also increased.
- TRGroup Hosting First-Ever Compliance Conference
July 12, 2022Learn from the industry's best-known regulatory compliance experts at the TRGroup's first-ever compliance conference, slated for Sept. 14-15 in Nashville, TN.
- FinCEN Requests Comments on BSA Regulations Requiring Information Sharing
July 12, 2022On July 11, 2022, the Financial Crimes Enforcement Network (FinCEN) published in the Federal Register a 60-day notice to renew the Office of Management and Budget (OMB) control number assigned to existing Bank Secrecy Act regulations at 31 CFR 1010.520.? Specifically, the regulations require that, upon receiving an information request from FinCEN, a financial institution must search its records to determine whether it maintains or has maintained any account or engaged in any transaction with an individual, entity, or organization named in the request.
- Regulators Issue Statement On Risk-based Approach To Due Diligence
July 12, 2022NCUA issued a Letter to Credit Unions (22-CU-08) on an interagency joint statement noting credit unions must take a risk-based approach to assessing individual member risk. The statement, which comes from NCUA and other federal financial regulators, does not alter existing Bank Secrecy Act/Anti-Money Laundering (BSA/AML) legal or regulatory requirements, nor does it establish new supervisory expectations.
- Basel Committee Issues World Council-Supported Proportionality Guidance
July 12, 2022The Basel Committee on Banking Supervision (Basel Committee) has issued guidance encouraging national-level regulators to consider tailoring its standards for less complex financial institutions such as credit unions—a position long-advocated for by World Council of Credit Unions that will benefit financial cooperatives and their members worldwide.
- TR Group Women’s Leadership Conference Set for Oct. 5-7
July 12, 2022SAVE THE DATE ... for a conference designed for NOW. Seven collaborative state CU leagues (TRGroup) join forces to launch a unique development experience designed to drive results and accelerate the advancement of women in the industry. Join us Oct. 5-7 in New Orleans.
- Bank Of America, Wells Fargo Hit With Patent Suit Targeting Mobile App Development
July 12, 2022Two of the largest U.S. banks – Bank of America (“BofA”) and Wells Fargo – were sued for patent infringement by Wapp Tech Limited Partnership and Wapp Tech Corp. in the Eastern District of Texas in July 2018. The lawsuits allege infringement of three patents relating to mobile device application development and testing systems that simulate network characteristics indicative of mobile app performance.