Latest News & VACUL Headlines
- 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.
- Mortgage Rates at Credit Unions, Community Banks Rise in H1
July 12, 2022The median interest rates offered by community banks and credit unions rose in the first half of 2022 amid the Federal Reserve's effort to tame inflation via monetary policy tightening. Rate hikes on 15-year and 30-year fixed mortgages offered by community banks and credit unions were higher than rate hikes on other products, such as new auto loans, used auto loans, and home equity lines of credit, according to the S&P Global Market Intelligence data.
- Brainard Calls Digital Dollar a 'Natural Evolution' of Payment System
July 12, 2022A central bank digital currency could play a key role in protecting financial stability, Federal Reserve Board Vice Chair Lael Brainard said in a speech. In remarks delivered at a Bank of England conference in London, Brainard said a CBDC could be a settlement layer that connects a system of regulated stablecoins to one another and to public money. The comments were the strongest endorsement a Fed official has given to the idea of a digital U.S. dollar to date.
- Certificate of Deposit Rates Rise Modestly in Aftermath of Fed Rate Hikes
July 12, 2022The rates that banks offer on their certificates of deposits have only increased modestly through late-June despite sizable rate hikes by the Federal Reserve in recent months.
- Treasury RFC Seeks Input on Digital Assets
July 12, 2022The Treasury Department has issued a request for comment (RFC) on the responsible development of digital assets, which fulfils its consultative requirement under President Biden's Executive Order on Ensuring Responsible Development of Digital Assets.
- CFPB: Permissible Purposes for Pulling and Using Credit Reports
July 12, 2022The Consumer Financial Protection Bureau (CFPB) has issued a legal interpretation to ensure that companies that use and share credit reports and background reports have a permissible purpose under the Fair Credit Reporting Act. The CFPB’s new advisory opinion makes clear that credit reporting companies and users of credit reports have specific obligations to protect the public’s data privacy.