Latest News & VACUL Headlines
- Oversight Needed for Digital Assets Marketplace
July 5, 2022In a letter to the Department of Commerce’s International Trade Administration, CUNA said it supports developing a comprehensive regulatory framework governing digital assets that protects consumers, financial institutions, and the economy. CUNA sent the letter in response to the federal agency’s request to comment on Developing a Framework on Competitiveness of Digital Asset Technologies (RFC).
- FIs Hit Back at Merchants Over Inflation's Role in Swipe-Fee Debate
July 1, 2022Financial institutions are hitting back at retailers over which side is being harmed by inflation — part of their long-running fight about the future of interchange fees.
- NCUA Streamlines Part of Underserved Area Application Process
July 1, 2022Applying to add an underserved area has become simpler. Effective immediately, multiple common bond federal credit unions submitting underserved area applications can list the areas they want to serve by census tracts, along with the year the census tract was in effect.
- Bureau Accepting Applications for CFPB Advisory Committees
July 1, 2022To ensure that the Consumer Financial Protection Bureau (CFPB) hears from a variety of external experts with diverse viewpoints, the Bureau established the Consumer Advisory Board, the Community Bank Advisory Council, the Credit Union Advisory Council, and the Academic Research Council. These advisory committees provide the CFPB with information about emerging trends and practices in the consumer financial marketplace. They also allow the Bureau to hear directly from small financial institutions.
- FHA Publishes Updates to Single Family Housing Policy Handbook 4000.1
July 1, 2022Thursday, the Federal Housing Administration (FHA) published the latest version of the Single Family Housing Policy Handbook 4000.1 (Handbook 4000.1). This update includes enhancements and revisions to existing guidance as well as various technical edits. In most cases, this newly added language augments and enhances existing policy.
- Biden Official Says US Government Could Pass Stablecoin Rules by End of Year
July 1, 2022The U.S. federal government is working on stablecoin legislation with Congress that could become law by the end of the year, an administration official told CoinDesk. The President’s Working Group on Financial Markets, an intergovernmental group composed of the heads of several financial regulators, met Thursday to discuss recent stablecoin activities and future legislation. This legislation would be introduced by the House Financial Services Committee, the official said.
- Yellen Reiterates Need for Consistent Regs on Stablecoins
July 1, 2022After several weeks of upheaval in the cryptocurrency market—including prominent stablecoins like TerraUSD and USDD breaking their U.S. dollar pegs—Treasury Secretary Janet Yellen reiterated her call for a regulatory framework for stablecoins.
- Credit Unions Now Hold Record 12% of Total Household Savings; CU Merger Pace in 2022 Approaching Another Record
July 1, 2022America’s credit unions held 12% of total household savings in April, the highest percentage in credit union history and up from 11.6% one year ago, 9.2% 20 years ago and 4.3% 40 years ago, according to CUNA Mutual’s newest Trends Report, which is based on data through April. Meanwhile, the Report is also forecasting the pace of CU mergers is going to pick up this year and will approach another record, this one not seen since 2015.
- Virginia Credit Union League Builds Out Its Team
July 1, 2022The Virginia Credit Union League continues to evolve its staffing to provide the best in advocacy, products and services, and professional development opportunities for Virginia's credit unions.
- CFPB Issues Advisory Opinion on Debt Collection Fees
July 1, 2022The CFPB issued an advisory opinion on fees charged by debt collectors, known as “pay-to-pay” or “convenience fees.” CUNA filed an amicus brief related to this issue in February in the Ninth Circuit Court of Appeals.