Latest News & VACUL Headlines
- SAFE Act’s Future Now in Hands of Conference Committee
March 29, 2022It’s once again come down to a conference committee and backroom deals to decide what becomes of the credit union SAFE Banking Act, which would remove many of the federal prohibitions on financial institutions serving cannabis-related businesses.
- Four Virginia Congressional Reps Sign On as Co-Patrons for Marijuana Decriminalization Bill
March 29, 2022Members of Virginia's Congressional delegation have signed on to H.R.3617 (MORE Act) as co-patrons - Reps. Elaine Luria (D-2nd), Bobby Scott (D-3rd), Don Beyer (D-8th) and Gerald Connolly (D-11th). This bill decriminalizes marijuana.
- FDA Authorizes Second Booster Dose of Two COVID-19 Vaccines for Older and Immunocompromised Individuals
March 29, 2022The US Food and Drug Administration has expanded the emergency use authorization of the Pfizer and Moderna COVID-19 vaccines to allow adults age 50 and older to get a second booster as early as four months after their first booster dose of any COVID-19 vaccine.
- Biden Budget Has Increased CDFI, CDRLF Funding Amounts
March 29, 2022President Joe Biden’s FY23 budget proposal released Monday contains several items of interest to credit unions, including the Treasury’s CDFI Fund and NCUA’s Community Development Revolving Loan Fund.
- Home Inventory Won’t Return Until at Least 2024: Zillow
March 29, 2022It will take several years before the supply of homes for sale returns to pre-pandemic levels, but the market will likely get there by the end of 2024, according to the majority of experts surveyed by Zillow.
- Minority Borrowers Still Trail in Purchase Mortgages; Nonbanks Dominate Top 2021 Mortgage Lender List
March 29, 2022Minority borrowers increased their share of purchase mortgages received in 2021, but still trail white borrowers by a huge margin, an examination of initial Home Mortgage Disclosure Act data found.
- 2021 SAR Filing Trend Data Now Available on FinCEN’s Website
March 29, 2022The Financial Crimes Enforcement Network’s (FinCEN) Interactive SAR Stats webpage now includes Filing Trend Data by industry updated through the 2021 calendar year.
- Top Republican Knocks CFPB, Credit Bureaus on Exclusion of Medical Debt
March 29, 2022Speaking during a Senate Banking Committee hearing on medical debt, Sen. Pat Toomey, R-Pa., criticized a decision announced this month by the three major credit bureaus — Equifax, Experian and Transunion — that will eventually result in the elimination of nearly 70% of medical debt from consumer credit reports.
- Younger Consumers Show a Preference for National Banks Over Credit Unions, Survey Finds; But Also Some Good News
March 29, 2022Younger consumers have a stronger preference for national banks than for credit unions, according to a new survey. But there is also a bright spot.
- NAFCU Offers Suggestions on FinCEN Plan to Pilot New Rules Around SARs
March 29, 2022In response to a proposal calling for the establishment of a limited-duration pilot program to give financial institutions the ability to share SARs and SARS-related information with the institution’s foreign branches, NAFCU has written to FinCEN with recommendations.