Latest News & VACUL Headlines
- House Passes CUNA-Backed Fair Hiring Bill
May 12, 2022The House passed the CUNA-supported Fair Hiring in Banking Act (H.R. 5911) Wednesday. The bill would replace the current ban on those interested in working in the banking sector with previous minor criminal records.
- Overdraft Fees, NCUA Oversight of Vendors Comes Up During Another Senate Hearing
May 12, 2022The issue of overdraft fees raised its head in yet another Senate hearing, as did questions around cybersecurity risks to credit unions. Both issues were raised during a Senate Banking, Housing, and Urban Affairs Committee hearing focused on the Financial Stability Oversight Council’s (FSOC) report to Congress.
- Senate Confirms Jerome Powell to Second Term as Federal Reserve Chair
May 12, 2022The Senate confirmed Federal Reserve Chair Jerome H. Powell to a second term leading the central bank on Thursday, as he faces the enormous task of slashing the highest inflation in 40 years without sending the country into a recession. The Senate supported Powell to another four year term by a vote of 80-19. The Senate also confirmed the nominations of Lisa Cook and Philip Jefferson to seats on the Fed Board of Governors
- 41 Credit Union Mergers Approved by NCUA First Quarter 2022
May 11, 2022Credit union mergers continued their upward pace with 41 consolidations approved by the NCUA during 2022’s first quarter. This number is higher than the 33 approved mergers during 2021’s first quarter, according to the federal agency’s Q1 Merger Activity and Insurance Report released last week.
- NCUA and CDFI Fund Hosting Webinar on Community Development Resources for Credit Unions
May 11, 2022Credit unions seeking resources for community development investments are encouraged to participate in a June 2 webinar hosted by the National Credit Union Administration and the Community Development Financial Institutions Fund. Online registration for the webinar is now open.
- Spring 2022 Supervisory Highlights Part I: Auto Servicing, Consumer Reporting, Credit Card Account Management, Debt Collection, and Deposits
May 11, 2022The Consumer Financial Protection Bureau (CFPB) recently released its Supervisory Highlights covering issues arising during examinations between July 2021 and December 2021.
- BayPort Foundation Charity Golf Classic Raises More Than $110,000 Toward its Mission
May 11, 2022The BayPort Foundation is excited to announce that it has raised $113,170 at its first-ever Charity Golf Classic event, hosted on April 28, 2022. Forty local businesses sponsored the inaugural tournament along with the 84 golfers who played the award-winning golf course at the James River Country Club in Newport News.
- Agencies Release Revised Interagency Questions and Answers Regarding Flood Insurance
May 11, 2022NCUA and other banking regulatory agencies today jointly issued revised questions and answers (Q&As) regarding federal flood insurance law and the agencies’ implementing regulations. These Q&As replace those originally published by the agencies in 2009 and 2011 and consolidate Q&As proposed by the agencies in 2020 and 2021. The revised Q&As reflect significant changes to the flood insurance requirements made by federal law in recent years.
- Cybersecurity Resources Available as War in Ukraine Poses Enhanced Cyber Threats to Credit Unions
May 11, 2022CUNA’s cybersecurity webpage contains resources for credit unions—especially small credit unions—to help them prepare for threats presented by current geopolitical events. The Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) recently issued several alerts on increased cyberthreats because of the war in Ukraine.
- Support Spanish-Speaking Members with Spanish-Language Disclosures
May 11, 2022To help financial institutions better support Spanish-speaking communities, the CFPB has made available Spanish translations of several disclosures.