Latest News & VACUL Headlines
- 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.
- 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.