Latest News & VACUL Headlines
- Legislation Would Help CUs Close Economic Disparities
February 18, 2022One of the most important things that Congress could do to close economic disparities, promote financial inclusion, and help small businesses would be to ensure that federal law permits all federal credit unions to serve underserved areas, CUNA wrote to the Senate Banking, Housing, and Urban Affairs Committee Thursday.
- NCUA Approves CUNA/League Requested Extension of PCA Relief
February 18, 2022The NCUA board approved an interim final rule extending COVID-19 Prompt Corrective Action relief through the end of March 2023. CUNA, the American Association of Credit Union Leagues, and all Leagues wrote to NCUA calling on it to extend the rule before its scheduled March 31 expiration.
- DOJ Amping Up Crypto Scrutiny; Names Head of New Enforcement Team
February 18, 2022The Justice Department named a veteran cybersecurity prosecutor to lead a new team dedicated to investigating and prosecuting illicit cryptocurrency schemes carried out by cyber criminals and nation states including North Korea and Iran.
- CFPB to Accept Public Petitions for Rulemaking
February 18, 2022The CFPB is now accepting petitions for agency action submitted directly by members of the American public, according to a press release and a new portal that was opened last week. In support of this change, the Bureau cited to the U.S. Constitution's guarantee of the public's right to petition the government. This initiative represents the latest step by the CFPB in pursuit of its agenda to increase consumer input into its decisions and the transparency of its decision-making.
- Virginians Among Credit Union Innovators Selected for Filene's i3 Program
February 17, 2022Twenty-three of the credit union industry’s most innovative leaders come together to form the newest cohort of the Filene i3 Program, including Virginians Marella Nardotti, (NextMark Credit Union), Justin Stoddard (Chartway Credit Union) and Heidi Worker (Chartway Credit Union).
- NCUA Board Proposes Increasing Threshold for ONES Supervision
February 17, 2022Through a live webcast, the National Credit Union Administration Board held its second open meeting of 2022 and unanimously approved two items: (1) A notice of proposed rulemaking for assigning certain federally insured credit unions to the appropriate NCUA supervisory office and (2) An interim final rule that extends two temporary changes to the NCUA’s prompt corrective action regulations.
- Corporate Check Fraud Reported
February 17, 2022CUNA Mutual Group issues Corporate Check Fraud Alert. Learn more
- CFPB Says Consumers Getting Runaround from NCRAs
February 17, 2022The CFPB has published another blog article in its campaign to make consumers aware of a CFPB report that the nationwide consumer reporting agencies (NCRAs), including the Big Three—Experian, Equifax, and TransUnion—are failing to substantively respond to most consumer complaints filed with the Bureau and harming consumers and businesses in the process.
- Fannie Mae Cuts 2022 Origination Forecast
February 17, 2022Fannie Mae's February mortgage origination forecast reduced its outlook by $172 billion as rising interest rates and higher prices increasingly take their toll on affordability. Company executives alluded to the lowered projection of $3.17 trillion in its fourth quarter earnings call on Feb. 15. In January, Fannie Mae economists expected $3.34 trillion for the year.
- OIG Releases Audit Statement on NCUA’s ‘Four Funds’
February 16, 2022The National Credit Union Administration’s (NCUA) four funds again earned unmodified, or “clean,” audit opinions for 2021, according to audited financial statements released by the agency’s Office of the Inspector General. Learn more