Latest News & VACUL Headlines
- Community Banks Juggle Anti-Overdraft Pressures with Preserving Fee Income
December 22, 2021Many community banks might not be willing to give up overdraft revenue despite growing pressure to defray the practice from both competitors and regulators.
- Join CDFI Program, NACA Program Pre-Application Webinar on Jan. 10
December 22, 2021Interested in applying to the upcoming fiscal year (FY) 2022 funding round for the Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program)? To help your organization prepare for the upcoming round, join CDFI Fund staff for an informational pre-application webinar on Jan. 10, 2022.
- CFPB Shutters Lending by VC-Backed Fintech for Violating Agency Order
December 21, 2021The Consumer Financial Protection Bureau (CFPB) announced that LendUp Loans has agreed to halt making any new loans and collecting on certain outstanding loans, as well as to pay a penalty, to resolve a September 2021 lawsuit alleging that it continued to engage in illegal and deceptive marketing in violation of a 2016 CFPB order. The lawsuit also accuses LendUp of violating fair lending regulations.
- Risk Alert: Account Takeovers Stemming From Credit Card Management Systems
December 21, 2021Credit unions utilizing credit card management systems offered by card processors have reported fraud due to account takeovers. These systems allow members to view balances and recent transactions, sign-up for and access e-statements, and make payments 24/7. Fraudsters are enrolling compromised cards for this service by exploiting weak authentication measures.
- NCUA Releases Q3 2021 State-Level Data Report
December 21, 2021Federally insured credit unions continued to see elevated asset, share, deposit growth over the year ending in the third quarter of 2021, according to the latest NCUA Quarterly U.S. Map Review.
- IRS Reporting Provisions Not Included in Reconciliation Legislation
December 21, 2021In a win for credit unions, the provision requiring increased financial institution reporting to the Internal Revenue Service was not included in reconciliation legislation unveiled by Congressional leaders.
- Registration Open, Schedule Released for 2022 Inclusiv Annual Conference
December 20, 2021Register today to join Inclusiv in San Juan, Puerto Rico on May 2-4, 2022 for the 2022 Inclusiv Conference -- the largest gathering of credit unions with a mission of financial inclusion in the country.
- Appeals Court Reinstates Biden’s Vaccine Policy for Businesses; Supreme Court Showdown on Policy Likely
December 19, 2021A federal appeals court on Friday reinstated the Biden administration’s coronavirus vaccination policy for large private businesses, reversing an earlier court ruling that had halted one of the White House’s signature efforts to reduce transmission and drive down case counts.
- FTC Launches Rulemaking to Combat Sharp Spike in Impersonation Fraud
December 19, 2021The Federal Trade Commission launched a rulemaking Dec. 16 aimed at combatting government and business impersonation fraud, a pernicious and prevalent problem that has grown worse during the pandemic. Impersonators use all methods of communication to trick their targets into trusting that they are the government or an established business and then trade on this trust to steal their identity or money.
- CFPB Opens Inquiry Into ‘Buy Now, Pay Later’ Credit
December 19, 2021It's been one of the hottest trends of 2021, but 'Buy Now, Pay Later' credit plans have drawn the attention of the Consumer Financial Protection Bureau.