Latest News & VACUL Headlines
- FHFA Announces Mandatory Use of the Supplemental Consumer Information Form
May 6, 2022The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) will require lenders to use the Supplemental Consumer Information Form (SCIF) as part of the application process for loans that will be sold to the Enterprises. The purpose of the SCIF is to collect information about the borrower's language preference, if any, and on any homebuyer education or housing counseling the borrower received, so lenders can better understand borrower needs during the home buying process.
- CFPB Provides Spanish Translations for Certain Prepaid Rule, Regulation B Model, Sample Forms
May 6, 2022The CFPB has released Spanish translations for certain model and sample forms included in the Prepaid Rule in Regulation E and for certain adverse action model and sample notices included in Regulation B.
- Ukraine-Related Sanctions Regs Amended, Renamed and Reissued
May 6, 2022OFAC has announced it has amended and reissued, in their entirety, the Ukraine-Related Sanctions Regulations and renamed the regulations - the Ukraine-/Russia-Related Sanctions Regulations.
- Reg E and New Version of the Zelle, P2P Fraud Scam
May 6, 2022In the new version of the Zelle / P2P fraud scam, fraudsters con Zelle users into using Zelle to transfer funds to themselves using their mobile phone number under the guise that the transfer will replace funds stolen from the users’ accounts; however, the transfers go to the fraudsters. Learn more
- FinCEN Urged to Modernize, Streamline SARS, Records in NAFCU Letter to House
May 6, 2022FinCEN should modernize and streamline suspicious activity reports (SARs) and records, which will help better identify financial crimes, NAFCU said.
- NCUA Should Provide Additional PCA Relief
May 6, 2022CUNA called on the National Credit Union Administration (NCUA) this week to provide additional prompt corrective action (PCA) relief that would help credit unions remain operational in the wake of the COVID-19 pandemic.
- Crypto Advocates Warn of New Digital Divide as Regulators Begin Inquiries
May 6, 2022Investing in cryptocurrencies can offer equal opportunities to groups of people who historically have experienced discrimination in their efforts to access legacy banking systems. Banks and regulators must launch more digital asset outreach and education to avoid creating a new digital divide between those who can access the cryptocurrency market — estimated by the White House at $3 trillion — and those who cannot, advocates say.
- Administration Turning Attention to Banks in PPP Fraud Probe
May 5, 2022Financial institutions will face greater scrutiny as the Biden administration shifts the focus of its Paycheck Protection Program fraud probe toward lenders.
- CUNA, AACUL, Leagues Oppose Any Expansion of Durbin Amendment
May 4, 2022Expansion of the Durbin Amendment to the credit market will lead to less spending power for consumers, CUNA, the American Association of Credit Union Leagues, and all credit union Leagues wrote to the Senate Judiciary Committee Tuesday. The committee is conducting a hearing Wednesday on interchange fees.
- Limiting Overdraft Programs Could Harm Access to Responsible Services
May 4, 2022CUNA strongly objects to legislation, regulation and other government intervention to restrict the ability of credit unions to offer overdraft protection plans that help members resolve short-term financial difficulties, CUNA wrote to a Senate Banking, Housing, and Urban Affairs Subcommittee. The committee conducted a hearing on overdraft fees.