Latest News & VACUL Headlines
- League Co-Hosts CDFI Awareness Event for Lawmakers
February 23, 2022Your League was proud to co-host a special event Tuesday night at Credit Union House to promote Community Development Financial Institutions (CDFIs) and educate lawmakers about these unique institutions. Among those attending: Lt. Gov. Winsome Earle-Sears; Sen. Adam Ebbin; and Dels. Betsy Carr, Mark Sickles and David Reid.
- Bank Groups Ask Justice Department to Limit Merger Guidance; Say CU Competition Should Be Factored In
February 23, 2022Bank trade groups urged the Justice Department to limit changes it might make to its merger guidance, while left-leaning advocacy groups pushed for greater scrutiny of proposed deals.
- NCUA Warns Current Geopolitical Events Increase Likelihood of Cyberattacks
February 23, 2022The U.S. Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) has recently issued two alerts addressing risks from Russian State-Sponsored cyber threats and highlighting recent malicious cyber incidents suffered by public and private entities in Ukraine. Learn more
- New Data Shows FTC Received 2.8 Million Fraud Reports from Consumers in 2021
February 23, 2022Newly released Federal Trade Commission data shows that consumers reported losing more than $5.8 billion to fraud in 2021, an increase of more than 70 percent over the previous year.
- Banks' Pandemic Help Offer Rang Hollow, Cardholders Say
February 23, 2022Two class-action lawsuits against Bank of America and Capital One have been filed over the banks’ continued assessment of late fees and interest charges despite their promises of hardship relief throughout the coronavirus pandemic.
- Credit Card Loans at US Banks Rise in Q4'21 Despite Slowed Consumer Spending
February 23, 2022Credit card loans at U.S. banks ticked up year over year during the fourth quarter of 2021 even though the omicron variant of the coronavirus slowed consumer spending.
- With Big Banks Leading the Way, J.D. Power Found Payment Processors Have ‘Stepped Up Their Games’
February 23, 2022A new study from J.D. Power has found payment processors have “stepped up their games during the past year with big banks leading the way,” and that has resulted in a significant surge in merchant services satisfaction.
- Call Report Modernization
February 23, 2022NCUA conducted a comprehensive review of Call Report and Profile data content. This included account codes, data fields, forms, and instructions. This effort began in 2016 and continued through 2021 and is known as the Call Report Modernization (CRM) project, and is separate from, but will complement NCUA’s Enterprise Solution Modernization (ESM) Program which is modernizing NCUA’s technology solutions to create an integrated examination and data environment.
- CFPB Interpretation of Convenience Fees Under FCDPA is Improper
February 23, 2022The Consumer Financial Protection Bureau’s strict interpretation of “permitted by law” in the Fair Debt Collection Practices Act is improper, and will deprive consumers’ of important, cost-saving choices, CUNA and other organizations wrote in a brief filed Tuesday in the 9th U.S. Circuit Court of Appeals.
- FinCEN Program Aids in Recovery of Over $1.1B in Losses
February 23, 2022FinCEN recently announced it has issued a Fact Sheet on its Rapid Response Program (RRP)—a collaborative partnership that leverages FinCEN’s relationships with law enforcement, U.S. financial institutions, and foreign financial intelligence units to help victims and their financial institutions recover funds stolen as the result of certain cyber-enabled financial crimes schemes, including business e-mail compromise. Through the collaborative efforts of the RRP, FinCEN has successfully assisted in the recovery of over $1.1 billion.