Latest News & VACUL Headlines
- 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).
- Fed Raises Rates by 75 Basis Points; More Hikes Coming, Says CU Economist
June 15, 2022The Federal Reserve’s Open Market Committee has voted to increase interest rates by three-quarters of a percentage point, a quarter-point more than many analysts had expected as it seeks to temper ongoing inflation.
- Although Well-Intentioned, NAFCU Says Bill That Would Expand FOM Increases Regulatory Burden
June 15, 2022Although it has credit union support, NAFCU wants Congress to revisit several aspects of the Financial Services Racial Equity, Inclusion, and Economic Justice Act package, which includes the just-passed Expanding Financial Access for Underserved Communities Act, saying it brings greater regulatory burden.
- Fannie Mae Introduces New Refinance Application-Level Index
June 15, 2022Fannie Mae has launched its Refinance Application-Level Index (RALI), a weekly series designed to provide the market timely and comprehensive tracking of refinance activity and historical trends, Fannie Mae announced.
- What’s in a Name? A Credit Union's LGBTQ Program Finds a Wider Audience
June 14, 2022Credit unions that tailor services for members of the LGBTQ community may find an unmet need among other demographics as well.
- Credit Unions Support Approach of Bipartisan Data Security, Privacy Bill
June 14, 2022Credit unions strongly support the enactment of a national data security and privacy law with robust security standards that is preemptive of state laws, CUNA wrote to a House Energy and Commerce subcommittee Tuesday. Credit unions strongly support the enactment of a national data security and privacy law with robust security standards that is preemptive of state laws.