Latest News & VACUL Headlines
- FinCEN Seeks Comments on Modernization of U.S. AML/CFT Regulatory Regime
December 15, 2021The Financial Crimes Enforcement Network (FinCEN) yesterday issued a request for information (RFI) seeking comments on ways to streamline, modernize, and update the anti-money laundering and countering the financing of terrorism (AML/CFT) regime of the United States. Learn more
- Treasury Announces Over $2 Billion in ECIP to 84 CUs
December 15, 2021Yesterday, Vice President Kamala Harris and Treasury Secretary Janet Yellen announced $8.7 billion of capital provided to community development financial institutions (CFDIs) from the U.S. Department of Treasury's Emergency Capital Investment Program (ECIP). Recipients here in Virginia include Freedom First Credit Union and Peoples Advantage Federal Credit Union.
- Ransomware Risks Drive the Need for Critical Cyber Loss Controls
December 15, 2021The ransomware business is booming and could be bringing in billions for some of its top players according to a Financial Crimes Enforcement Network (FinCEN) report. The report found suspicious ransomware-related payment transactions totaled around $590 million from January 2021 to June 2021. In addition to extortion demand increases, ransomware has grown in both frequency and severity. Learn more
- CFPB Fall 2021 Rulemaking Agenda
December 14, 2021CFPB published its Fall 2021 Agenda as part of the Fall 2021 Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget (OMB). The Agenda lists the regulatory matters that CFPB plans to pursue during the period from Nov. 1, 2021 to Oct. 31, 2022. The complete Unified Agenda is available to the public at the following website: http://www.reginfo.gov.
- Voluntary Credit Union Diversity Self-Assessment Due Jan. 15
December 14, 2021CUNA and NCUA encourage federally insured credit unions to complete the Voluntary Credit Union Diversity Self-Assessment before Jan. 15, 2022. The self-assessment is a valuable tool for credit unions that want to commit to the principles of diversity, equity, inclusion, and belonging.
- 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.