Latest News & VACUL Headlines
- Reminder: March 23 NCUA Overdraft Protection Programs Webinar
March 21, 2022Overdraft protection programs are important to credit unions and their members, and the market landscape is changing. Credit unions can learn more about these programs and what market changes can mean on a March 23 webinar hosted by the National Credit Union Administration.
- ValleyStar Credit Union Announces VP Promotions
March 20, 2022ValleyStar Credit Union announces three VP promotions - Ben McBride as its senior vice president of IT; Rob Brown as its vice president of organizational development; and Tony Turner as its vice president of facilities and security.
- Four Virginia-Based CUs Win CUNA Marketing Council Diamond Awards
March 18, 2022Four Virginia-based credit unions walked away with Diamond Awards during the CUNA Marketing & Business Development Council Conference, March 9-12.
- NCUA Approves Strategic, Performance Plans, Gives Corporate Resolution Update
March 18, 2022The NCUA Board approved its 2022-2026 Strategic Plan and 2022 Annual Performance Plan at its Thursday meeting. It also heard a briefing on the corporate system resolution.
- FinCEN Announces $140 Million Civil Money Penalty against USAA Federal Savings Bank for Violations of the Bank Secrecy Act
March 18, 2022The Financial Crimes Enforcement Network (FinCEN) yesterday announced that it has assessed a $140 million civil money penalty against USAA Federal Savings Bank for willful violations of the Bank Secrecy Act and its implementing regulations. Learn more
- 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.