Latest News & VACUL Headlines
- 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)
- CFPB’s Report on Credit Card Late Fees
April 23, 2022The Consumer Financial Protection Bureau (CFPB) recently published a report reviewing the trends in credit card late fees over the last few years. CFPB Director Chopra says, “many credit card issuers have made late fee penalties a core part of their profit model.” The report explains that late fees make up more than half of all credit card penalty fees and create a significant amount of income to credit card issuers. (NAFCU Compliance Blog)
- Blowing the Whistle: 2 Reforms to AML Included in New Bill
April 23, 2022Two reforms to the Anti-Money Laundering Act that have been requested by whistleblower advocates are included in a bill recently introduced by Rep. Alma Adams (D-NC).
- Credit Unions Continue to Buy Banks Despite Bank Lobby, Regulator Pushback
April 23, 2022Regulators in a half dozen states have now thrown at least temporary roadblocks in front of credit unions’ efforts to buy community banks, but the deals continue on.
- IRS Reminds Employers of Penalty Relief Related to Claims for the Employee Retention Credit
April 22, 2022The Department of the Treasury and the Internal Revenue Service have received requests from taxpayers and their advisors for relief from penalties arising when additional income tax is owed because the deduction for qualified wages is reduced by the amount of a retroactively claimed employee retention tax credit (ERTC), but the taxpayer is unable to pay the additional income tax because the ERTC refund payment has not yet been received. Learn more
- FinCEN Issues Advisory on Kleptocracy, Foreign Public Corruption
April 20, 2022The Financial Crimes Enforcement Network (FinCEN) yesterday issued an advisory on kleptocracy and foreign public corruption, urging financial institutions to focus their efforts on detecting the proceeds of foreign public corruption — a priority for the U.S. Government as it continues to implement the U.S. Strategy on Countering Corruption. Learn more