Latest News & VACUL Headlines
- FinCEN Further Extends FBAR Deadline for Certain Financial Professionals
December 14, 2021The Financial Crimes Enforcement Network (FinCEN) yesterday announced a further extension of time for certain Report of Foreign Bank and Financial Accounts (FBAR) filings in light of the notice of proposed rulemaking FinCEN issued on March 10, 2016.
- Senate Build Back Better Act Omits IRS Reporting Provision
December 13, 2021The Senate Finance Committee released the tax provisions of the Build Back Better Act Saturday without expanded Internal Revenue Service (IRS) reporting requirements. CUNA, Leagues, credit unions, and members helped keep the expanded requirements out of the House-passed Build Back Better Act.
- Premium Credit Union Marketing Imagery Available in CUNA Creative Hub Pro
December 13, 2021Credit union marketers can now access premium image collections to augment their campaigns with the release of CUNA Creative Hub ProTM thanks to an integration with Shutterstock.
- Kelly Lay Named Director of the Office of Examination and Insurance
December 13, 2021The National Credit Union Administration today named Kelly Lay, the current Director of the Office of Business Innovation, to be the new Director of the Office of Examination and Insurance.
- Miles, Martin Departing League This Month
December 13, 2021Your League will bid farewell to two valued members of our team this month, with Senior Vice President/Chief Advocacy Officer David Miles retiring and VP/CFO R.B. Martin joining the faculty at Liberty University.
- NCUA Board Meeting Dec. 16, With Budget, NOL, Final Rules on Agenda
December 10, 2021The NCUA board will consider the 2022 Normal Operating Level and the agency’s 2022-23 budget at its Dec. 16 meeting. It will also vote on final rules related to mortgage servicing assets, complex credit union leverage ratio, and subordinated debt.
- Expanding FOM Would Leverage Success of CU Model
December 10, 2021Credit unions are eager to support underserved communities, but archaic field-of-membership restrictions prevent them from expanding more broadly to those most in need. CUNA wrote to the Select Committee on Economic Disparity and Fairness in Growth Thursday in support of the Expanding Financial Access for Underserved Communities Act.
- US Credit Union Auto Loans Top $400B in Q3
December 10, 2021Total auto loans at U.S. credit unions increased for the sixth consecutive quarter and delinquencies continued dropping.
- League President/CEO Carrie Hunt Asks NCUA to Reconsider Budget Increases, Consider New Strategies in Supporting CUs
December 9, 2021League President/CEO Carrie Hunt testified yesterday during the NCUA Board's public hearing on its proposed budget for 2022-2023. "Credit unions exist to provide provident credit and everything the agency does has a direct impact on that mission. Every dollar NCUA requires of credit unions is money credit unions cannot deploy for the benefit of their members and communities."
- House Passes NDAA, With Wins, Losses for Credit Unions
December 8, 2021In a win for credit unions, the latest House-passed version of the NDAAdid not include language to allow banks to expand their presence on military bases, whereas credit unions are allowed to maintain a presence nearly rent-free on many bases owing to their not-for-profit status. Unfortunately, the latest version dropped Safe Banking Act provisions, which would allow credit unions to serve cannabis-related businesses in states that have legalized cannabis, and remote online notary provisions. We continue to engage with lawmakers on the bill.