Latest News & VACUL Headlines
- 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
- Updates on Russian Sanctions
April 19, 2022As a refresher, there are two major sets of sanctions against Russian entities, the first is the “Russian Harmful Foreign Activities Sanctions” (RHFAS) and the second is the “Ukraine-/Russia-Related Sanctions” (URRS). These sanctions target specific individuals/entities, but do not ban all transactions and services with Russia. Nor do the sanctions ban all transactions and services with Ukraine. However, there are certain “covered regions” within Ukraine that are banned. Remember to stay vigilant as the situation continues to change.
- CFPB’s Housing Portal Offers Help for Servicemembers, Veteran Homeowners, and Renters
April 19, 2022The Consumer Financial Protection Bureau (CFPB) announced this week that information covering a wide range of financial situations can be found on the CFPB’s housing portal.
- Comments Submitted to CFPB in Response to RFI on Fees
April 18, 2022CUNA strongly objected to the Bureau's classification of a broad range of common financial services fees as “junk fees" in comments submitted to the CFPB last week. “The RFI characterizes a broad range of common fees in consumer financial services as so-called “junk fees” that obscure the true cost of financial services,” the letter reads, adding CUNA’s strong objection to this “deceptive language.” Your League has also commented.
- Letter Supporting SAFE Banking Act Sent to House Conferees of COMPETES Act
April 18, 2022CUNA wrote to the House Conferees of the America COMPETES Act in support of including the Secure and Fair Enforcement (SAFE) Banking Act in the final version of the legislation. The America COMPETES Act passed the House in February with the SAFE Banking Act attached, but passed the Senate without, so the differences will be worked out in conference committee.
- Bankers Fear CFPB Will Lower Cap on Credit Card Late Fees
April 15, 2022The Consumer Financial Protection Bureau is expected to seek to lower the cap on credit card late charges to safeguard cardholders from excessive fees imposed by issuers and from the effects of inflation.