Latest News & VACUL Headlines
- 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.
- CDFI Refresher and Helpful Resources
May 4, 2022The Federal Reserve Board published the first 2022 issue of its Consumer Compliance Outlook, which includes a feature article on Community Development Financial Institutions (CDFIs) and their impact on the financial system.
- FinCEN Asks Credit Unions to Help Fight Kleptocracy
May 2, 2022FinCEN recently published Advisory FIN-2022-A001 (the advisory), which addresses kleptocracy and “urges financial institutions to focus efforts on detecting the proceeds of foreign public corruption.” FinCEN notes that the Biden Administration has identified the fight against corruption as a “core national security interest.”
- ValleyStar RISE Foundation Exceeds Expectations to Raise Life-Saving Funds for Children’s Miracle Network Hospitals
May 2, 2022The ValleyStar RISE Foundation, the charitable arm of ValleyStar Credit Union, is thrilled to host The Big Tee Off golf tournament at Chatmoss Country Club in Martinsville, Virginia, on May 5, 2022. All funds raised will support Carilion Children’s Hospital located in Roanoke, Virginia.
- Fort Lee FCU Announces Upcoming Rebrand, New Name
April 29, 2022Fort Lee Federal Credit Union has released their upcoming new name, Homebase Credit Union. Along with the new name, the new logo and colors were revealed. The information was announced at their annual meeting on April 27, 2022, and it will become official in July of this year.
- NAFCU Compliance Blog: Litigation Roundup
April 29, 2022Litigation risks are always present and there is no shortage of litigious plaintiffs. Here are a few notable class action filings in the recent months.