Latest News & VACUL Headlines
- CFPB, DOJ and OCC Take Action Against Trustmark National Bank for Deliberate Discrimination Against Black and Hispanic Families
October 22, 2021The Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ), in cooperation with the Office of the Comptroller of the Currency (OCC), are targeting Tennessee-based Trustmark National Bank for alleged redlining, citing, among other things, a failure to monitor its fair lending program.
- Virginia's Redistricting Commission May Fail to Redraw Congressional District Map
October 21, 2021Virginia’s redistricting commission, continuing to split along partisan lines ahead of its Monday deadline, appears close to failure on fashioning a map of the state’s congressional districts.
- CFPB Targets Amazon, Facebook, Others In Payments Probe
October 21, 2021The Consumer Financial Protection Bureau has ordered a group of tech giants including Amazon, Facebook and Google to turn over information related to their payments-related systems and products, giving the companies just under two months to hand over the details as part of a consumer protection sweep announced Thursday.
- NCUA Board Finalizes CAMELS Rule; OKs CUSO Lending Rule
October 21, 2021In actions today, the National Credit Union Administration Board voted to add the “S” component (Sensitivity to Market Risk) to the existing CAMEL rating system and approved a final rule that will expand lending opportunities for credit union service organizations (CUSOs).
- IRS Reporting Requirements: We Urgently Need You to Keep Up Contacts to Congress
October 20, 2021Our fight against new IRS reporting requirements is proving tougher by the day, but we urge you to keep fighting! Here's the latest ...
- NCUA Issues Risk Alert on Cloud-Based Business Email Compromise
October 20, 2021NCUA issued a Risk Alert (21-RISK-01) this week highlighting a recent bulletin that cybercriminals are targeting organizations that use popular cloud-based email services to conduct Business Email Compromise (BEC) scams. NCUA notes credit unions can take steps to prevent this type of fraud and should report any incidents of fraud immediately to the FBI’s Internet Crime Complaint Center and local FBI field office.
- CFPB Joins Other Financial Regulatory Agencies in Issuing Statement on Discontinuation of LIBOR
October 20, 2021The Consumer Financial Protection Bureau (CFPB) joined four other federal financial regulatory agencies and state bank and credit union regulators Oct. 20 in issuing a statement highlighting the risks posed by the discontinuation of LIBOR (originally an acronym for London Interbank Offered Rate). The CFPB is urging credit unions, banks and nonbanks alike to continue their efforts to transition to alternative reference rates to mitigate consumer protection, financial, legal, and operational risks.
- NCUA Issues Guidance, Announces Upcoming ECIP Action
October 20, 2021Eligible low-income credit unions (LICU) may accept 30-year subordinated debt investments from the U.S. Department of the Treasury’s Emergency Capital Investment Program (ECIP), as detailed Oct. 20 in a letter to credit unions by the National Credit Union Administration.
- US Credit Unions Close Net 10 Branches in Q3
October 19, 2021U.S. credit unions opened 55 branches in the third quarter and closed 65, bringing the industry's total number of active branches to 20,250 as of Sept. 30.
- Elections for CUNA Board Coming Soon
October 19, 2021In contested elections for members of the Credit Union National Association Board, voting will begin Nov. 12 and close Dec. 16. Nomination information can be found on CUNA's website.