Latest News & VACUL Headlines
- CFPB Presses Big Card Issuers on Their Credit Reporting Practices
May 27, 2022The Consumer Financial Protection Bureau is questioning the largest U.S. credit card issuers about the data they provide to credit bureaus, saying that shifts in industry practices may be hurting consumers’ ability to get cheaper loans.
- Financial Inclusion Bill Could Reignite Credit Union-Bank Conflict
May 27, 2022The trend of credit unions buying banks has grabbed a lot of attention in recent years, but two other key issues have raised tensions between the two industries. Bankers have long opposed attempts by credit unions to expand their field-of-membership and their business lending capabilities, but proposed legislation would open the door to both.
- CUNA Files FOIA Request with CFPB Over Section 1071 Implementation
May 27, 2022CUNA and other organizations filed a Freedom of Information Act (FOIA) request with the Consumer Financial Protection Bureau (CFPB) Thursday on the bureau’s implementation of section 1071 of the Dodd-Frank Act.
- Senators Introduce Bipartisan CU Board Governance Update
May 27, 2022A bipartisan group of Senators introduced a bill to update credit union board meeting requirements. The bill has a bipartisan House companion, introduced in March.
- CUNA Backs Bipartisan Remote Online Notary Bill
May 27, 2022Current notary requirements requiring the physical presence of the signer are often impractical, particularly with COVID-19 related distancing practices, CUNA and other organizations wrote Thursday. The organizations wrote in support of the Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act (H.R. 3962).
- 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.