Latest News & VACUL Headlines
- CFPB Allows Debt Collectors to Use Social Media
December 7, 2021A new rule allows debt collectors to contact consumers on social media, text or email — not just by phone.
- Breaking News! Overdraft, NSF Fees Scrutiny Enhanced by CFPB
December 6, 2021The Consumer Financial Protection Bureau (CFPB) recently communicated that they’ll be enhancing its supervisory and enforcement scrutiny of financial institutions that are heavily dependent on overdraft and non-sufficient funds (NSF) fees. See also: CFPB Takes Aim at Overdraft Fees
- Overdraft / NSF Fee Lawsuits Target Reg E’s Model Opt-in Form
December 6, 2021In overdraft / NSF fee lawsuits alleging credit unions improperly charged overdraft and/or NSF fees, plaintiffs’ attorneys have started targeting Reg E’s Model A-9 opt-in form for paying overdrafts from ATM and one-time debit card transactions. Read the CUNA Mutual Group Risk Alert.
- Regulators update BSA/AML Examination Manual
December 6, 2021The Federal Financial Institutions Examination Council (FFIEC) released one new section and updates to three sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual.
- Cyberattacks Threaten Stability of Interconnected Financial Services
December 6, 2021The danger of a cyberattack capable of generating a financial crisis is growing. Experts fear that the digital interconnectedness of the financial services industry means that a successful hack of a company could spur a domino effect.
- European Network of Credit Union Members Urge Proportionality in EU
December 6, 2021Facing a slew of reforms that could impact the ability to serve their communities, members of the European Network of Credit Unions (ENCU) spent the past two weeks urging various European Union (EU) policymakers to apply proportional treatment to credit unions on several items coming up in the European Parliament’s legislative term. Through the World Council of Credit Unions, the Virginia League is a longtime partner with the Estonian Union of Credit Cooperatives, one of the participating members in ENCU.
- No End in Sight for US banks' Record-Breaking Branch Closure Spree
December 6, 2021U.S. banks are looking to do more with less by rapidly consolidating their branch footprints and reinvesting resources into digital channels. Since the onset of the COVID-19 pandemic, a number of U.S. banks have drastically reduced their branch footprints. Among U.S. banks that had at least 10 net branch closures since Jan. 1, 2020, 14 have closed at least 20% of their footprints and an additional 10 have closed at least 15%.
- CFPB Takes Aim at Overdraft Fees
December 2, 2021The Consumer Financial Protection Bureau (CFPB) released a report on financial institutions’ reliance on overdraft fees Wednesday. According to the agency, revenues reached an estimated $15.47 billion in 2019. It also said it intends to take "action to restore meaningful competition to this market."
- Agencies Announce Dollar Thresholds in Regulations Z and M for Exempt Consumer Credit and Lease Transactions
December 2, 2021The Federal Reserve Board and the Consumer Financial Protection Bureau have announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2022 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing).
- FHA Publishes 2022 Nationwide Home Equity Conversion Mortgage Limits
December 1, 2021The Federal Housing Administration (FHA) published Mortgagee Letter 2021-29, 2022 Nationwide Home Equity Conversion Mortgage (HECM) Limits, yesterday which provides the Calendar Year (CY) 2022 maximum claim amount for FHA-insured traditional HECM, HECM for purchase, and HECM-to-HECM refinances. Read the press release here.