Latest News & VACUL Headlines
- Lawmakers Appear Unlikely to Limit Stablecoin Issuance to Banks
February 8, 2022Members of the House Financial Services Committee expressed bipartisan skepticism to a key recommendation by the Biden administration’s financial regulators, who have urged lawmakers to limit stablecoin issuance to federally insured banks and credit unions.
- Register Now for NCUA’s Capital Adequacy Framework Webinar
February 7, 2022Credit unions can get valuable information on changes to the NCUA’s Capital Adequacy Framework Webinar during an upcoming webinar hosted by the NCUA on Wednesday, Feb. 23. Register here
- CFPB Seeking Comments on 'Junk Fees' by March 31
February 7, 2022The Consumer Financial Protection Bureau (CFPB) is seeking comments from the public on what the CFPB is calling “junk fees” by March 31. The CFPB has published a “Request for Information Regarding Fees Imposed by Providers of Consumer Financial Products or Services.”
- New Topic Added to 'Tax Issues' InfoSight Channel
February 7, 2022A new topic, Individual Taxpayer Identification Number (ITIN), has been added under the Tax Issues channel. This topic provides a summary and resources to assist credit unions with the requirements associated with an ITIN.
- CFPB Posts Lists of Rural or Underserved Counties
February 7, 2022The CFPB has posted the lists of rural or underserved counties for use in 2022 in connection with exemptions from certain regulatory requirements of the Truth in Lending Act and Regulation Z. Also posted was the Bureau's Rural or Underserved Areas Tool, which can be used to provide a safe harbor determination that a property is located in a rural or underserved area.
- CUNA and Trades Write to Fed re: Resisting Re-Opening Debit Regulation
February 7, 2022CUNA and other organizations wrote to the Federal Reserve in response to the Fed’s recent proposal to re-open Regulation II, which covers debit card interchange fees and routing. Attempts to tighten Durbin Amendment regulations would make it increasingly difficult for financial institutions to provide robust core banking services.
- BREAKING NEWS: Parity Powers Bill Unanimously Passes Senate Commerce and Labor Committee
February 7, 2022Our parity powers legislation unanimously passed the Senate Commerce and Labor Committee today. SB329 will make the process easier for state-chartered credit unions to exercise the same powers as their federally chartered peers.
- Energage Names Chartway a 2022 Top Workplaces USA Winner
February 4, 2022Chartway is proud to announce that in addition to being recognized as a “Top Workplace in Hampton Roads” by Inside Business and a “Top Workplace in Utah” by The Salt Lake Tribune in 2021, the Hampton Roads-based credit union has been awarded a 2022 Top Workplaces USA honor by Energage.
- Senate Panel Proposes Study of One Key Youngkin Income Tax Proposal, But Supports One-Time Refunds
February 4, 2022A major piece of Gov. Glenn Youngkin's tax cut package suffered a serious blow on Thursday, when a Senate panel recommended deferring the proposed doubling of the standard deduction on income taxes for a year to allow study by a special subcommittee on tax policy. A Senate Finance & Appropriations subcommittee voted to send similar bills to raise the deduction, proposed by Senate Minority Leader Tommy Norment, R-James City, and Sen. David Suetterlein, R-Roanoke County, to a new special subcommittee to study over the coming year.
- SAFE Banking Act Added to America COMPETES Act
February 4, 2022The CUNA/League-supported Secure and Fair Enforcement (SAFE) Banking Act was added to the House’s America COMPETES Act, which will likely be voted on Friday. The SAFE Banking Act would provide protections to financial institutions serving cannabis-based businesses where it is legal.
Virginia's credit unions are keenly interested in the SAFE Act, given the commonwealth's legalization of adult-use cannabis. State lawmakers are actively debating how to legalize retail sales of marijuana.