Latest News & VACUL Headlines
- Crypto, Other Digital Payments Could Threaten CU Deposits, According to CUNA Economic Update
July 8, 2022Cryptocurrencies and other forms of digital payments will not fade away and may threaten credit union deposits, according to a CUNA Senior Economist.
- QCash Financial CUSO: No Credit Check Loans for Your Members; 6 Clicks in 60 Seconds
July 8, 2022QCash’s mission is to improve the financial well-being of members by partnering with credit unions to provide access to Life Event and Specialty loans. Through their lending platform, QCash can provide the funds your members need, day or night. The funds are immediately deposited to the member’s account with just six clicks in 60 seconds: no credit check or loan officer interaction is required.
- Voice Service Providers File Ex Parte Letter with FCC
July 8, 2022A coalition of voice service providers filed an?ex parte letter?with the Federal Communications Commission Friday expressing direct support of CUNA’s?recently filed letter, supported by leagues, on call blocking notification codes. CUNA supports adoption of SIP Code (signaling protocol) 608 to provide notification to callers that a voice service provider has blocked their call using analytics.
- Fed’s Newly Released Minutes Indicate Another Rate Increase Coming in July
July 7, 2022Newly released minutes from the Federal Open Market Committee’s June meeting reveal participants agreed the economic outlook warranted moving to a restrictive stance of policy—raising rates—and further recognized the possibility that an even more rate increases may be needed if inflation can’t be tamed.
- NCUA Issues Letter to CUs Risk-Based Approach to Assessing Customer Relationships, Conducting Customer Due Diligence
July 7, 2022The National Credit Union Administration (NCUA), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the U.S. Department of Treasury’s Financial Crimes Enforcement Network have prepared a joint statement clarifying the agency’s long-standing position that banks and credit unions must take a risk-based approach to assessing individual customer (member) risk.
- Comments Due to CFPB ANPR on Credit Card Late Fees
July 7, 2022Comments on several items relevant to credit unions are due in the next several weeks, including the CFPB’s?advance notice of proposed rulemaking (ANPR)?on credit card late fees. CUNA and other trade associations wrote to the CFPB calling for an?extension. The comment period closes July 22, 2022.
- Costs of Any Central Bank Digital Currency Outweigh Any Benefits, NAFCU Tells Commerce
July 7, 2022The costs of any central bank digital currency (CBDC) will outweigh its benefits, NAFCU told the Commerce Department. NAFCU wrote a letter to the DoC’s Commerce’s International Trade Administration (ITA) in response to its request for comment (RFC) on digital assets, as directed by President Joe Biden's Executive Order on Ensuring Responsible Development of Digital Assets. Through the RFC, the Commerce Department requested feedback on potential impacts that a central bank digital currency (CBDC) would have on the U.S. digital assets sector, to what extent, and more.
- League President/CEO Carrie Hunt Hosting July 27 Virtual Meeting for Members CUs
July 7, 2022Join League President/CEO Carrie Hunt on July 27 for a special virtual meeting on your League's recent initiatives, including updates on advocacy, business solutions and our collaborative endeavors. We also want to hear from you!
- Insurers Revisit Cyber Coverage as Demand, Premiums Spike
July 7, 2022U.S. insurers are reevaluating their approach to cybersecurity cover as increasingly common ransomware attacks push premiums higher and ratchet up demand for coverage. The frequency of ransomware events between 2018 and 2020 quadrupled, according to Rachel Rossini, underwriting manager for cyber for AXA XL, who said those events were "about 1,000% more severe."
- NAFCU Compliance Blog: FFIEC Publishes HMDA Data and List of Underserved Communities
July 6, 2022A few weeks ago, the Federal Financial Institutions Examination Council (FFIEC) announced the availability of the 2021 Home Mortgage Disclosure Act (HMDA) Data. This HMDA data, released annually, serves as a report from a variety of mortgage lenders, including credit unions, and is used to examine how well financial institutions are serving their consumers in the mortgage market.