Latest News & VACUL Headlines
- Creation of U.S. CBDC Could Worsen Financial Services Ecosystem
May 27, 2022There are many open questions surrounding central bank digital currencies, CUNA wrote for a hearing on CBDCs noting concerns that that under several scenarios, the creation of a CBDC could significantly worsen the provision of financial services.
- NCUA Opens Door to Crypto for Credit Unions
May 27, 2022The NCUA has told credit unions they can use the technology behind cryptocurrency as long as they follow NCUA principals to ensure compliance with existing regulations and don’t create undue risk.
- IRS Revises FAQs for Tax Year 2021 Earned Income Tax Credit
May 27, 2022The Internal Revenue Service (IRS) Wednesday revised frequently asked questions (FAQs) for the 2021 Earned Income Tax Credit (FS-2022-30) to educate eligible taxpayers on how to properly claim the credit when they prepare and file their 2021 tax return.
- Fed’s Vice Chair Tells Banks: Digital Dollar Won’t Cut You Out
May 27, 2022A federally issued digital dollar will not cut banks out of the banking system. If there was one key point that the Federal Reserve’s new vice chair, Lael Brainard, was determined to make in her testimony at the House Financial Services Committee’s Thursday (May 26) hearing on the benefits and risks of a U.S. central bank digital currency (CBDC), that was it, and for good reason.
- Freddie Mac Expands Use of Bank Account Data for Verifications
May 27, 2022Freddie Mac on Thursday confirmed an earlier promise by the head of its single-family division that it would be further extending the types of borrower information that bank data could be used to verify.
- FHFA Finalizes Public Disclosure Rules for Freddie Mac, Fannie Mae
May 27, 2022The Federal Housing Finance Agency issued its final rule regarding public disclosure requirements for Fannie Mae and Freddie Mac on corporate governance, risk management, capital structure and capital requirements, aligning the government-sponsored enterprises with what large banks already do.
- Virginia Credit Union to Open Carytown, Scott’s Addition Branches in Richmond
May 27, 2022On the heels of its first expansion into Carytown, Richmond’s largest credit union is on the move again in the city. Virginia Credit Union recently inked a lease for its first branch in Scott’s Addition.
- Loan Growth Ramping Up at US Credit Unions
May 27, 2022U.S. credit unions booked their highest quarterly loan growth in more than a decade in the first quarter.
- CUNA Supports Long-Term Authorization of National Flood Insurance Program
May 26, 2022CUNA strongly supports efforts to pass a long-term reauthorization of the National Flood Insurance Program through 2027, it wrote to the House Financial Services Subcommittee on Housing, Community Development, and Insurance Wednesday.
- Hood: No Need to Raise NCUSIF Operating Level
May 26, 2022Federal credit unions’ strong financial performance precludes the need to raise the NCUSIF normal operating level from 1.33% of insured shares, NCUA Board Member Rodney Hood told attendees at the 2022 CUNA Finance Council Conference.