Latest News & VACUL Headlines
- FinCEN Alerts Credit Unions of Potential Russian Sanction Evasion Efforts
March 28, 2022FinCEN issued FIN-2022-Alert001 to credit unions about the potential of sanction evasion activity. This alert warns credit unions the Russian government and sanctioned individuals may attempt to evade sanctions through the use of non-sanctioned financial institutions and financial institutions in other countries. In the alert, FinCEN has identified several red flag indicators that may help a credit union detect sanction evasion activities.
- NCUA Chairman Todd Harper Urges CUs to Consider Changes in Overdraft Landscape
March 28, 2022In a webinar last week, NCUA Chairman Todd Harper noted Overdraft Protection Programs and their related fees are reaching an inflection point. Due to the changing landscape and consumer expectations, credit unions need to begin adjusting their revenue expectations associated with this service.
- CFPB Extends Opportunity for Public to Provide Input on 'Junk Fees' to April 11
March 28, 2022The Consumer Financial Protection Bureau (CFPB) announced Friday that it received a tremendous amount of feedback from its Request for Information on exploitive "junk fees." It also announced it's extending the deadline for the public to share input and stories on their experiences with exploitative junk fees through April 11, 2022. Learn more
- FinCEN Requests Comments on Renewal of the OMB Control Number for Regulations
March 28, 2022On March 23, 2022, the Financial Crimes Enforcement Network (FinCEN) published in the Federal Register a 60-day notice to renew the Office of Management and Budget (OMB) control number assigned to existing Bank Secrecy Act regulations at 31 CFR 1010.340 and FinCEN Report 105 – Report of International Transportation of Currency or Monetary Instruments (CMIR). Learn more
- FDIC Advances Bank Merger Proposal
March 28, 2022The Federal Deposit Insurance Corp. has set the wheels in motion to publish its request for information on bank merger policy, putting the policy fight that led to the resignation of former Chair Jelena McWilliams back on the front-burner and eliciting a new round of industry reaction.
- Fed Watching Red-Hot Housing Market for Financial Stability Risks
March 28, 2022It’s beginning to look a lot like 2007 in the U.S. housing market, and the Federal Reserve Board has taken notice.
- Rep. Stephen Lynch Introduces Bill to Create Treasury-Issued Digital Currency
March 28, 2022Rep. Stephen Lynch, D-Mass., introduced a bill on March 28 that would create a Treasury-issued, hardware-secured digital currency, distinct from a central bank digital currency and capable of offline, peer-to-peer transactions without digital ledgers, blockchain, or accounts.
- Biden Budget Would Boost Funding for SBA Loans, Fighting Financial Crime
March 28, 2022The Biden administration has proposed more funding for government agencies tasked with combating illicit finance, Small Business Administration programs that back private-sector lending, affordable housing financed by community development financial institutions, as well as efforts to combat climate change and the risk it poses to the financial system.
- Lending Likely to Slow in ’23, Recession Possible in '24 or '25, Suggests New CUNA Mutual Forecast
March 28, 2022With the Fed now embarking on a monetary tightening cycle, credit unions should look for lending to slow next year and watch for signs of a recession, which might come as early as summer 2024, according to a new CUNA Mutual Group forecast.
- TRGroup Offering Demos of Business Partners' Products, Services
March 28, 2022The TRGroup, in collaboration with its seven member state leagues (including the Virginia Credit Union League), is excited to invite credit union executives to participate in a virtual “DEMO DAY” on April 13.