Latest News & VACUL Headlines
- CFPB Bans BrightSpeed Solutions and Its Former CEO for Supporting Telemarketing Scammers Targeting Older Americans
January 18, 2022Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed final judgment and order with a federal district court that, if entered by the court, would resolve a March 2021 lawsuit brought by the CFPB against BrightSpeed Solutions and its founder Kevin Howard. The CFPB alleges that between 2016 and 2018, BrightSpeed and Howard knowingly assisted companies profiting from fraudulent services and products.
- NCUA Outlines Supervisory Priorities for 2022
January 18, 2022A recent letter to credit unions outlines the National Credit Union Administration’s supervisory priorities and other aspects of the agency’s examination program for 2022. The NCUA remains committed to focusing its examination activities on the areas that pose the highest risk to credit unions, credit union members, and the National Credit Union Share Insurance Fund, the letter notes.
- How Credit Unions Can Build Successful Fintech Partnerships
January 18, 2022Between big banks, fintechs and an ever-changing environment, one thing is clear – credit unions need to innovative in ways they haven’t had to in the past. To keep our system strong, we’ve got to embrace the new opportunities, rather than fight them. The way credit unions can level the playing field is through fintech partnerships.
- Further Research Needed Before CFPB Overdraft Actions
January 14, 2022CUNA wrote to the Consumer Financial Protection Bureau (CFPB) Thursday with suggestions for additional data development and analysis in order to promote shared understanding of overdraft services. CUNA—along with other financial services trade organizations—called on the CFPB to conduct a study of consumer preferences regarding overdraft.
- Bill Would Block Fed From Issuing Central Bank Digital Currency Directly to Consumers
January 14, 2022New legislation in Congress seeks to block the Federal Reserve from issuing a central bank digital currency directly to consumers.
- CFPB Announces Settlement Regarding the 2019 Taskforce on Federal Consumer Financial Law
January 14, 2022The Consumer Financial Protection Bureau (CFPB) announced it has settled a lawsuit filed by the National Association of Consumer Advocates, U.S. Public Interest Research Group, and Professor Kathleen Engel. The lawsuit alleged that the Taskforce on Federal Consumer Financial Law did not comply with the Federal Advisory Committee Act (FACA).
- Trade Associations Say CFPB's Overdraft Research Reports Lacked Important Facts
January 14, 2022Five trade associations said the Consumer Financial Protection Bureau's two research reports on overdraft, issued Dec. 1, 2021, lacked important facts about overdraft services, namely information about the consumers who use and value the product.
- CFPB Seeks Comments on Buy Now Pay Later Products, Business Practices
January 14, 2022Several weeks ago, the Consumer Financial Protection Bureau (CFPB) issued a market-monitoring inquiry into “buy now, pay later” (BNPL) products and business practices. The Bureau is now inviting anyone interested in this market to submit comments — including families, small businesses, and international regulators. Learn more
Related: Survey Suggests BNPL is Buy Now, Pay (the Piper?) Later for Both Consumers and Credit Unions
- League, Credit Unions Push Secondary Capital, 'Parity Powers' Bills in General Assembly
January 13, 2022The League and credit unions have two bills that were introduced this session – companion bills HB268/SB326 will fix the Virginia statute so that the NCUA’s Subordinated Debt Rule will not be in conflict with the Virginia Code. Companion bills HB209/SB329 will make the process easier for state-chartered credit unions to exercise the same powers as federally chartered credit unions. Currently, state-chartered credit unions must seek permission to do this; we are asking that be changed to a notice requirement.
- CFPB Likely to Punt Data-Sharing Rule into 2023
January 13, 2022According to an American Banker report, the Consumer Financial Protection Bureau is more than a year away from releasing a long-awaited proposal on consumers’ right to control their own financial data, far later than many had expected, according to people familiar with the bureau’s thinking.