Latest News & VACUL Headlines
- 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.
- CUNA: CPI reaches 40-Year high, signaling increase in interest rates
January 13, 2022CUNA Senior Economist Dawit Kebede issued the following statement in response to the Labor Department’s December Consumer Price Index Report: “The Federal Reserve will most likely raise interest rates earlier than anticipated to control inflation. This is in addition to ending its support for the economy in the form of large asset purchases. This will raise the cost of borrowing for consumers and will reduce excess demand for goods.”
- CFPB Issues Bulletin to Prevent Unlawful Medical Debt Collection and Credit Reporting
January 13, 2022The Consumer Financial Protection Bureau (CFPB) today released a bulletin reminding debt collectors and credit bureaus of their legal obligations in light of the No Surprises Act, which protects consumers from certain unexpected medical bills. Companies that try to collect on medical bills that are prohibited by the No Surprises Act, or who furnish information to credit bureaus about such invalid debts, may face significant legal liability under the Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA).
- CUNA Digital Marketing School Will Be Held online May 10-12
January 13, 2022Registration is now open for CUNA Digital Marketing School, to be held virtually, May 10-12. Topics range?from?digital?strategy?and execution,?to website reporting and tracking, to SEO and?digital advertising channels.
- Supreme Court Blocks Biden’s Workplace Vaccine Rules
January 13, 2022BREAKING NEWS: The Supreme Court on Thursday blocked the Biden administration’s Covid-19 vaccine-or-testing rules for large private employers, upending the government’s most aggressive effort to combat the pandemic in the workplace.
- Economic Update Examines Financial Well-Being for All Details
January 12, 2022CUNA Chief Economist Mike Schenk takes an in-depth look into CUNA’s Financial Well-Being for All initiative in this month’s Economic Update video. Schenk also discusses how Financial Well-Being for All informs CUNA and League strategy, and how CUNA is approaching the initiative internally.