Latest News & VACUL Headlines
- Cautiously Returning to Special Events
November 2, 2021As 2021 ends, some credit unions are in the process of planning for and hosting in-person events —including corporate holiday parties and other employee appreciation events. These office venues can be great opportunities for employee engagement, communication, team building, and fun; however, credit unions should cautiously plan to avoid risks that can result in harm to people, property, and reputation. It is critical that you rethink, redefine, and adapt venue options during the pandemic.
- Statement of CFPB Director Chopra on Stablecoin Report
November 2, 2021CFPB Director Rohit Chopra released a statement today regarding the Report on Stablecoins issued by the President’s Working Group on Financial Markets, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation.
- Stablecoin Report Recommends Congressional Action on Currency
November 2, 2021The President's Working Group on Financial Markets, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency have urged Congress to "act promptly" to pass legislation that would ensure proper oversight of stablecoins.
- NCUA Extends MDI Mentoring Grants Application Deadline to Nov. 14
November 1, 2021Credit unions eligible to apply for the National Credit Union Administration’s (NCUA) minority depository institutions (MDI) mentoring grants now have until Nov. 14 to submit their applications.
- NCUA Should Conduct Broader Evaluation of Amendments to Subordinated Debt Rule, CUNA, NAFCU and Inclusive Tell Agency
October 29, 2021NCUA needs to conduct a broader evaluation of proposed amendments to its 2020 Subordinated Debt Rule, CUNA, NAFCU and Inclusiv have told the agency in a joint letter.
- Stablecoins Face Industry-Defining Regulatory Guidance
October 29, 2021U.S. regulators considering oversight of stablecoins will have to balance the need for greater security against the risk of stifling innovation in a fast-growing corner of the cryptocurrency market. Recommendations for new cryptocurrency rules will be published within weeks, Federal Deposit Insurance Corp. Chairman Jelena McWilliams said on Oct. 25, including measures for stablecoins. The market for stablecoins, which are pegged to government-issued currencies, has ballooned to about $130 billion, according to data from Coin Metrics and The Block.
- 1st Advantage Colleagues Give Back to Local Non-Profits
October 29, 20211st Advantage colleagues continued their 1st AIDE Day tradition, volunteering their free time to support some of the organizations that make the Hampton Roads region healthier, stronger, and more vibrant, sending a clear message that the work of nonprofits matters.
- CFPB Names New Chiefs for Supervision and Enforcement Positions
October 29, 2021The Consumer Financial Protection Bureau (CFPB) today announced leadership changes within the Bureau, naming Lorelei Salas as Assistant Director for Supervision Policy and as the Acting Assistant Director for Supervision Examinations, while Eric Halperin has joined the CFPB as Assistant Director for the Office of Enforcement.
- HMDA Reminder – Use the 2020 Census Data Beginning January 1, 2022
October 28, 2021In February 2021, the U.S. Census Bureau released the 2020 Census Data tract boundaries. As a reminder, Regulation C, 12 CFR 1003.4(a)(9)(ii)(C) requires financial institutions to provide census tract information for certain properties.
- In a Positive Development for CUs, White House Framework Omits IRS Reporting Proposal
October 28, 2021The White House's reconciliation framework does not contain the credit union-opposed provision requiring increased reporting to the Internal Revenue Service, according to reports Thursday. Credit unions strongly pushed back against the proposed provision since it was first discussed in the summer.