Latest News & VACUL Headlines
- New VA Rule Relieves Financial Distress for Thousands of Veterans with Medical Bills
February 9, 2022The Department of Veterans Affairs (VA) took a major step towards protecting veterans and their families by announcing a change to when it will report information on outstanding medical bills to consumer reporting companies.
- CUNA IRA Advanced eSchool Provides Guidance on Complex Issues
February 9, 2022CUNA IRA Advanced eSchool, to be held Fridays from Feb. 25 through April 15, will help credit union staff assist members with complex IRA needs including death, trusts, distributions and other legal issues.
- Overdraft Fees: Holding the Moral High Ground
February 9, 2022An early financial services trend of 2022 involves big banks announcing plans to eliminate or dramatically reduce overdraft fees.
- As CUs Continue to Nibble Away at MBL Cap, What About the Cap Itself?
February 8, 2022The credit union trade groups continue to work Congress as they seek to nibble around the edges of the member business loan (MBL) cap in place for federal credit unions, which has now been in place for more than two decades. But will the cap itself ever be removed?
- Beneficial Ownership Database Could Provide Significant Relief
February 8, 2022Credit unions are highly supportive of the creation of a beneficial ownership database and hope it will greatly ease meeting customer due diligence obligations under the Bank Secrecy Act (BSA) CUNA wrote to the Financial Crimes Enforcement Network (FinCEN) Monday.
- FinCEN Extends Comment Period for Non-Financed Real Estate Transaction NPRM; Now Due Feb. 21
February 8, 2022The Financial Crimes Enforcement Network (FinCEN) announced that it would extend the comment period of its Real Estate Advance Notice of Proposed Rulemaking (ANPRM) until Feb. 21. On Dec. 8, 2021, FinCEN issued the ANPRM to solicit public comment on a potential rulemaking to address the vulnerability of the U.S. real estate market to money laundering and other illicit activity.
- FHA Issues Technical Update to COVID-19 Extension of First Legal Action and Reasonable Diligence Time Frame Deadlines
February 8, 2022Monday, the Federal Housing Administration (FHA) published Mortgagee Letter (ML) 2022-02, Technical Update to the Extension of the Deadlines for the First Legal Action and Reasonable Diligence Time Frame. FHA is updating the Handbook and Mortgagee Letter to clarify extensions to the first legal deadline and the Reasonable Diligence Time Frame.
- CFPB Launches Initiative on Excessive Junk Fees
February 8, 2022The Consumer Financial Protection Bureau (CFPB) recently announced that it had launched an initiative to save households billions of dollars a year by reducing “exploitive junk fees,” such as overdraft/NSF fees, charged by financial institutions. Credit unions should consider reviewing their fees for products and services to determine if any fees are considered “junk fees.” In the event the CFPB uses its rulemaking authority to limit fees, credit unions may want to be prepared to change their fee structure for the “junk fees” identified.
- CUNA Writes HFSC Seeking Consumer Protections Related to Digital Currencies; Opportunities for CUs, FIs to Offer Digital Asset-Related Services
February 8, 2022CUNA forwarded a letter to the House Financial Services Committee ahead of its hearing, “Digital Assets and the Future of Finance: The President's Working Group on Financial Markets' Report on Stablecoins.” Notes the letter: "Congress should explore ways to regulate the delivery of financial services using digital currencies to ensure that consumers are protected in the same way if they received financial services from a financial institution.
- BREAKING NEWS: Parity Powers Bill Unanimously Passes House Commerce and Energy Committee
February 8, 2022Our parity powers legislation unanimously passed the House Commerce and Energy Committee today (Feb. 8). HB209 will make the process easier for state-chartered credit unions to exercise the same powers as their federally chartered peers.