Latest News & VACUL Headlines
- CUNA Shares Stance on FHFA’s Re-Proposed Eligibility
April 26, 2022CUNA Senior Director of Advocacy and Council Elizabeth Sullivan spoke Monday at the Federal Housing Finance Agency (FHFA) and Government National Mortgage Association (GNMA or Ginnie Mae) listening session on re-proposed eligibility requirements for both agencies. Sullivan recognized opportunities for the agencies to reduce operational burden on credit unions participating in federal housing-related programs in support of the missions of both agencies to support access to affordable housing. Learn more
- Credit Unions ‘Fit Local Economic Terrain,’ CFPB Recognizes
April 26, 2022Credit unions are among the institutions that offer products and services to fit their communities, the Consumer Financial Protection Bureau (CFPB) wrote in a report released Tuesday on challenges facing rural communities.
- Loitering, Vagrancy Reportedly On the Rise
April 26, 2022Many municipalities have laws against encampment and loitering on public property. As a result, it drives people to private commercial properties like credit unions and ATM vestibules. Loitering and trespassing causes security concerns and deters members, employees, and visitors from entering the credit union property, building, or even using on-site services.
- Consumers Believe Credit Unions Lag Digitally; But Do They?
April 26, 2022A recent survey found U.S. credit union members were more satisfied with their financial institution than customers at large national banks, by 13 percentage points, yet consumers hold accounts far more often with large nationals, by 24 percentage points. Experts generally agreed that credit unions’ size explained why they lag behind large banks in terms of digital transformation.
- Reminder: NCUA Call Report Due April 30
April 25, 2022This is a reminder that the Call Report to the National Credit Union Administration (NCUA) is due April 30 for the March 31, 2022 call report cycle. Learn more
- NCUA Board Briefed on Cybersecurity Threats and Diversity, Equity, and Inclusion Program
April 25, 2022Through a live audio webcast, the National Credit Union Administration Board held its fourth open meeting of 2022 and was briefed on two matters: (1) Current cybersecurity events and trends affecting federally insured credit unions and the broader financial system and (2) The NCUA’s diversity, equity, inclusion, and belonging program. Learn more
- Comments Due on PCA Relief Extension, Digital Currencies
April 25, 2022Comments on several items of relevant to credit unions are due in the next several weeks. For a complete list, visit CUNA’s Letters and Testimonies page. NCUA issued an interim final rule to extend COVID-19 related Prompt Corrective Action (PCA) relief through March 31, 2023. CUNA, the American Association of Credit Union Leagues, and all Leagues wrote to NCUA calling for the extension.
- CFPB Releases Report Documenting Rural Banking Issues
April 25, 2022The Consumer Financial Protection Bureau (CFPB) recently issued a report titled, Data Spotlight: Challenges in Rural Banking Access (report), documenting the challenges rural communities in America face relating to access to financial services. (NAFCU Compliance Blog)
- Beneficial Ownership Regulatory Relief Far From Assured
April 25, 2022The Corporate Transparency Act was supposed to make financial institutions’ anti-money-laundering compliance burdens lighter, but more than a year since the landmark law’s passage, experts say that outcome is far from assured.
- Right of Rescission for Open-End Credit
April 23, 2022Your credit union just opened up a HELOC for a member and now they want to rescind. What happened to no takebacks? Well, under Regulation Z a consumer has the right to rescind a HELOC. So, what is this right to rescind and what requirements does your credit union have to meet under Regulation Z? (NAFCU Compliance Blog)