Latest News & VACUL Headlines
- Corporate System Resolution Enters Final Phase
March 18, 2022The President of the NCUA’s Asset Management and Assistance Center and staff from the agency’s NCUA Guaranteed Notes (NGN) Division briefed the NCUA Board on the status of the Corporate System Resolution at a Board Meeting last Thursday. NCUA also urged credit unions to remain vigilant for cyberattacks.
- Biden Signs Omnibus Bill with Banking Provisions
March 18, 2022President Biden has signed the $1.5 trillion omnibus spending bill into law, including two provisions tracked by the banking industry. The first is a legislative fix for the London interbank offered rate. The other is a measure that would impose new requirements on banks and other businesses to report significant cyber incidents and ransom payments to the federal government.
- CFPB Expands its Authority to Punish FIs for Discrimination
March 18, 2022The Consumer Financial Protection Bureau has declared that discrimination associated with any financial product — not just credit — is illegal. The CFPB on Wednesday said for the first time that discrimination on the basis of age, race or sex — regardless of intent — violates the federal prohibition on “unfair, deceptive or abusive acts or practices." It vowed to use its UDAAP enforcement authority to root out discrimination in all consumer financial segments.
- NCUA Releases 2021 Annual Report
March 18, 2022The National Credit Union Administration today released its 2021 Annual Report, highlighting the agency’s activities, policy initiatives, and accomplishments for the past year.
- US Credit Unions Add 5.2 Million Members in 2021
March 17, 2022Credit unions in the U.S. added 5.2 million members in 2021, despite a decline in the total number of these financial institutions.
- ValleyStar Credit Union Brings Home Gold ADDY Award
March 15, 2022The ValleyStar Credit Union marketing team brought home a Gold ADDY award after being honored at the American Advertising Federation (AAF) of Roanoke’s Back in Black Gala event.
- CFPB Uses Homeowner Assistance Fund Program to Help Borrowers Avoid Foreclosure
March 15, 2022The CFPB announced recently that as of March 1, 2022, over 768,000 mortgage borrowers remain in active forbearance. Many of these consumers are seriously delinquent and at risk of foreclosure unless they receive loss mitigation assistance from their servicers. Learn more
- Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies
March 15, 2022The Financial Crimes Enforcement Network (FinCEN) released a statement last week informing U.S. financial institutions that the Financial Action Task Force (FATF) has updated its statements concerning jurisdictions with strategic AML/CFT/CPF deficiencies. Read more
- CFPB Shares Guidance to Safely Send Money to Loved Ones in Conflict Areas
March 15, 2022Amid the ongoing war in Ukraine, many people in the United States are trying to help family and friends in Ukraine and those who have fled the country, including finding ways to send them money directly. Learn more
- Emerging Risk Outlook: Keep Ahead of Trends & Issues
March 15, 2022Innovation, employee experience and evolving consumer preferences are changing the financial services landscape. This includes the way financial products and services are delivered. Many credit unions are exploring ways to address the changing landscape, to increase efficiencies, grow their reach and improve competitiveness. No matter what your organization’s approach is, there’s a new level of scrutiny that you need to apply.