Latest News & VACUL Headlines
- 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.
- MLA Database Users Must Keep Accounts Active
October 28, 2021The Department of Defense Military Lending Act website has announced a planned systems upgrade scheduled for Jan. 20, 2022. All users will be required to log into their accounts at least once every 35 days to maintain active-account status.
- FTC Warns Scammers are Sending Fake IRS Emails about Economic Impact Payments
October 28, 2021The Federal Trade Commission recently issued a warning that there’s a fake IRS email that keeps popping into people’s inboxes.
- New CFPB Leadership Can Recalibrate Approach to Credit Unions
October 27, 2021The Consumer Financial Protection Bureau (CFPB) missed many opportunities in its first decade of existence to leverage the credit union mission for consumers, CUNA wrote Tuesday, adding that new CFPB leadership can recalibrate this approach. CUNA’s letter was sent to House Financial Services Committee leadership prior to CFPB Director Rohit Chopra’s first testimony before the committee as director.
- Fed to Host Series of Diversity, Inclusion Conferences in November
October 27, 2021The Federal Reserve Board announced on Monday that it will host a series of diversity and inclusion conferences in November focused on the experiences that underrepresented groups have as they participate in the economy, the economics profession, central banking, and finance.
- US Housing Market: New, Existing Home Sales Rise Month-Over-Month in September
October 27, 2021New single-family home sales in the U.S. rose 14.0% on a monthly basis in September to a seasonally adjusted annual rate of 800,000 units, according to data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. On an annual basis, however, new-home sales were down by 17.6%.