Latest News & VACUL Headlines
- CFPB Reminds Credit Unions of States’ Enforcement Powers
May 25, 2022The CFPB published an Interpretive Rule this week that reminds credit unions that State agencies also have a role to play in regulation, as well. The Interpretive Rule does not actually provide any new regulatory requirements or substantive changes, but instead serves as more of a reminder of the role that state agencies can play when it comes to the financial services industry.
- CFPB Issues Advisory Opinion on ECOA and Reg B
May 24, 2022Two weeks ago, the Consumer Financial Protection Bureau (CFPB or bureau) issued an advisory opinion to clarify the Equal Credit Opportunity Act (ECOA) and its implementing regulation (Regulation B) prohibit discrimination against members during the life of a loan, not just during the application process.
- Central Bank Digital Currency Creation Needs ‘Serious, Exacting’ Consideration
May 23, 2022CUNA appreciates the Federal Reserve’s look into a central bank digital currencies but believes a focus on the issues the currency intends to solve and a more refined outline of its design is necessary.
- CISA Issues Emergency Directive on VMWare Vulnerabilities
May 23, 2022The Cybersecurity and Infrastructure Security Agency issued an emergency directive requiring federal civilian executive branch agencies running specific VMware products to apply updates or remove the products from networks.
- Fannie Mae Forecasts ‘Soft Landing Unlikely,’ Sees Recession in Latter 2023
May 23, 2022Persistent inflation, rising interest rates, and a slowdown of global economic growth are the primary contributing factors to updated expectations that full-year 2022 real GDP will grow at the reduced rate of 1.3%, 0.8% percentage points less than previously predicted, according to Fannie Mae.
- Virginia Budget Negotiators Signal They Are Close to a Deal
May 23, 2022State budget negotiators are so close to a deal that they’re telling fellow legislators to set aside June 1 as a possible date to return to the Capitol for a vote and urging them to wrap up haggling over any other bills held over from the regular session.
- How Data Analytics Helps Peoples Advantage Fulfill Its CDFI Mandate
May 23, 2022New tools have allowed the Virginia-based credit union to maintain certification while getting staff buy-in on goals that grow the business and improve the lives of those it serves.
- CFPB's Latest Existential Threat: Legal Challenges to Its Funding
May 23, 2022The Consumer Financial Protection Bureau again faces an existential threat in the courts — this time over whether the agency’s funding by the Federal Reserve System is constitutional.
- Comments Submitted on Money and Payments; 'The U.S. Dollar in the Age of Digital Transformation'
May 23, 2022CUNA submitted comments in response to the Federal Reserve’s request for comment (RFC) on its discussion paper, “Money and Payments: The U.S. Dollar in the Age of Digital Transformation.” CUNA appreciates the Federal Reserve’s consideration of central bank digital currencies (CBDCs) but believes this is only the start of the conversation and further investigation must focus on the issues the currency intends to solve.
- League Hosts Meetings with Rep. Wittman, Office of Rep. Spanberger
May 20, 2022Your League and credit unions hosted meetings this week with two Congressional offices -- Reps. Rob Wittman (R-1) and Abigail Spanberger (D-7th).