Latest News & VACUL Headlines
- Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies
June 23, 2022The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF), has issued public statements updating its lists of jurisdictions with strategic AML/CFT/CPF deficiencies following its plenary meeting this month.
- HFSC Drops CU-Opposed Overdraft Protection Act from Markup
June 23, 2022The House Financial Services Committee pulled the credit union-opposed Overdraft Protection Act during its rescheduled markup Wednesday. The system has been united in its opposition to the bill, as it would significantly limit overdraft protection programs and the ability to assess nonsufficient fund fees (NSF).
- Kiggans to Challenge Luria in Expected Close 2nd District Race
June 22, 2022Republicans in coastal Virginia chose state Sen. Jen Kiggans, R-Virginia Beach, on Tuesday as their nominee against Rep. Elaine Luria, D-2nd, in what could be one of the country’s most competitive fall congressional races. Two candidates supported by the League and the Credit Union Legislative Action Council (CULAC) also won primary battles with Democrat Rep. Don Beyer winning handily in the 8th and Republican Rep. Ben Cline breezing to a win in the 6th.
- 2022 General Assembly Sessions: Overview of Legislation of Interest to Credit Unions
June 20, 2022Your League and Woods Rogers have compiled a summary of legislation of interest to credit unionsfrom the 2022 General Assembly regular and special sessions.
- NCUA Board Briefed on Post-Examination Survey Project
June 17, 2022Through a live webcast, the National Credit Union Administration Board held its sixth open meeting of 2022 and was briefed on the results of the NCUA Post-Examination Pilot Survey. The pilot survey focused on pre-examination, reporting, and post-examination requirements along with one open-ended question. View the entire press release?.
- FinCEN Advisory on Elder Financial Exploitation
June 16, 2022This past Wednesday, June 15, 2022 (designated as World Elder Abuse Awareness Day), FinCEN has issued Advisory FIN-2022-A002 on Elder Financial Exploitation (EFE), which involves the illegal or improper use of an older adult’s funds, property, or assets, and is often perpetrated either through theft or scams.
- Request for Information Regarding Relationship Banking and Customer Service
June 16, 2022The Consumer Financial Protection Bureau (Bureau or CFPB) is seeking comments from the public related to relationship banking and how consumers can assert the right to obtain timely responses to requests for information about their accounts from banks and credit unions with more than $10 billion in assets, as well as from their affiliates.
- Fed Takes Aggressive Action in Inflation Fight
June 15, 2022The Federal Reserve raised interest rates by three-quarters of a percentage point on Wednesday, its biggest move since 1994, as the central bank ramps up its efforts to tackle the fastest inflation in four decades.
- BREAKING NEWS: House Passes Bill Modernizing Credit Union Fields-of-Membership
June 15, 2022The House passed the CUNA-League-led Expanding Financial Access for Underserved Communities Act Wednesday as part of a larger financial services bill. CUNA, Leagues, credit unions, and system partners strongly support the bill, and engaged House members throughout the process.
- FOM Modernization Addresses ‘Unquestionable Need’ in Many Areas
June 15, 2022Language modernizing federal credit unions’ field-of-membership regulations would expand affordable financial services to those who need it, CUNA wrote to House leadership Wednesday. The House is expected to vote on a bill—H.R. 2543—that contains language from the CUNA-League-led Expanding Financial Access for Underserved Communities Act (H.R. 7003).