Latest News & VACUL Headlines
- Federal Financial Institutions Examination Council Issues Statement of Principles on Examination Information Requests
January 21, 2022The Federal Financial Institutions Examination Council on behalf of its members today issued a statement announcing best practices for requesting examination information from supervised entities, and a common authentication solution for secure access to the FFIEC members’ supervision systems.
- League Submits HMDA Comment Letter Opposing Any Changes That Represent Added Compliance Burden for CUs
January 21, 2022Your League today submitted a comment letter in response to the Consumer Financial Protection Bureau's (CFPB) request for information on the Home Mortgage Disclosure Act. In our letter, we note our strong support for fair lending, but our opposition to any changes that would exacerbate an already burdensome and complex reporting system.
- Nomination of NCUA Chairman Harper Advances Out of Banking Committee
January 20, 2022The nomination of current NCUA Board Chairman Todd Harper to serve a full term on the NCUA Board was advanced to the full Senate by the Senate Banking Committee in a 17-7 bipartisan vote while meeting in Executive Session on Wednesday, according to a report from NAFCU. The full Senate will still need to consider the nomination for Harper to be confirmed.
- CUNA Files Brief with Appellate Court in FDCPA Lawsuit
January 20, 2022CUNA joined the Chamber of Commerce and multiple bank trade associations in filing an amicus brief this week in a Fair Debt Collection Practices Act (FDCPA) case that will be heard en banc by the 11th Circuit Court of Appeals. Hunstein v. Preferred Collection and Management Services, Inc. could expand the potential actions that would violate the FDCPA.
- FDIC, FinCEN Launch Tech Sprint for Digital Identity Proofing Solutions
January 20, 2022The Federal Deposit Insurance Corp. and the Financial Crimes Enforcement Network launched a tech sprint with the goal of developing solutions to measure the effectiveness of digital identity proofing at financial institutions and regulatory agencies.
- NCUA Provides Updates on Examination Program
January 20, 2022NCUA’s latest Letter to Credit Unions (22-CU-02) provides credit unions with an update on the agency’s examination programs. It also covers NCUA’s supervisory priorities for 2022.
- Consumer Financial Protection Bureau to Examine Colleges’ In-House Lending Practices
January 20, 2022Today, the Consumer Financial Protection Bureau (CFPB) announced it will begin examining the operations of post-secondary schools, such as for-profit colleges, that extend private loans directly to students. The CFPB is issuing an update to its exam procedures, including a new section on institutional student loans.
- League Seeks Participants for 2022 Credit Union Day at the General Assembly
January 20, 2022Join us Jan. 27 to lobby for our credit union legislation! Due to COVID-19, we are limiting the number of individuals to 27 who can participate in-person at this year’s Credit Union Day at the General Assembly. We have two credit union-specific bills this session - a secondary capital measure (companion bills HB268 and SB326) and a parity powers measure (companion bills HB209 and SB329)!
- Americans Pay $120 Billion in Credit Card Interest, Fees Each Year
January 20, 2022CFPB said today it will focus on ensuring a more fair, transparent, and competitive credit card market. It will (1) Uncover unfair, anticompetitive practices; (2) Make it simpler to compare, switch, or refinance your credit card; and (3) Scrutinize junk fees.
- Phase Out of 3G Cellular Networks Sets Off Alarm for Potential Updates
January 20, 2022Mobile carriers are shutting down their 3G networks, which rely on older technology, to make room for more advanced network services, including 5G. As a result, it is important to ensure your credit union alarm systems and networks that contain a cellular component are upgraded so your service and protection are not disrupted. Failure to do so may result in a signal not being received by the central monitoring station and delaying the dispatching of first responders.