Latest News & VACUL Headlines
- Gridlock, Dysfunction Hit Redistricting Commission
October 14, 2021For all you watching the twists and turns related to the bipartisan commission redrawing the commonwealth's electoral districts, we thought you might appreciate recent posts and articles related to the commission's ongoing internal battles.
- CUNA Mutual Group: Corporate Check Fraud Report
October 14, 2021A handful of credit unions report their corporate check accounts are being fraudulently used, notes a CUNA Mutual Group release.
- FASB Board Reconsidering TDR Accounting for CECL Adopters
October 14, 2021The Financial Accounting Standards Board (FASB) held a board meeting yesterday to discuss targeted improvements to the current expected credit loss (CECL) standard. Of note, the board discussed the reconsideration of troubled debt restructuring (TDR) accounting for CECL adopters and possible alternative methods. Learn more
- Pelosi Says Expanded IRS Reporting Will Be in Final House Bill
October 13, 2021Speaker of the House Nancy Pelosi (D-Calif.) said Tuesday that language expanding financial institution reporting requirements to the Internal Revenue Service (IRS) would be included when the House takes up its final reconciliation bill. CUNA, Leagues, and credit unions strongly oppose the language, which was not present in the House Ways and Means Committee-passed bill. Contact your lawmakers now through CUNA's Grassroots Action Center!
- 60 Participate in Virtual Marketing Workshop
October 13, 2021Many thanks to the 60 participants in today's virtual Marketing Workshop! Today's sessions featured advertising compliance (with AUX's Kristen Tatlock) and strategic considerations for 2022 (with On The Mark Strategies' Elizabeth Rider).
- Pages From of the Diary of Mrs. C. Hunt - Oct. 13, 2021
October 13, 2021League President/CEO Carrie Hunt's latest "Diary" post features an urgent call-to-action on the IRS Reporting Requirements we've battled against for months in Congress and a preview of Ignite 2021 | the League Annual Meeting (please register if you haven't; early bird discount ends Oct. 15!)
- Biden’s Covid-19 Vaccine Mandate Moves Closer to Approval
October 13, 2021The WSJ reported (paywall may limit access) that the Labor Department has submitted its proposed standards regarding the vaccine mandate for private employers to the White House for approval. Your League has raised concerns with this rules’ impact on small businesses including the cost and availability of testing.
The proposed mandate would apply to businesses with 100 or more employees, the Labor Department said, confirming early statements. It would be implemented under a federal rule-making known as an emergency temporary standard and affect roughly 80 million workers nationwide, according to Biden administration estimates, or more than half the total U.S. workforce.
The Labor Department’s Occupational Safety and Health Administration submitted on Tuesday the initial text of the proposed standard to the White House for approval, signaling its release could soon follow. The details could change during the White House review.
- CFPB Making Changes to Credit Card Data Submission Process
October 12, 2021The Consumer Financial Protection Bureau (CFPB) issued new technical specifications for the credit card agreement submission process. The CFPB’s Collect website is the mandatory vehicle for issuers to submit credit card agreements and their associated data in 2022 and beyond. Issuers making credit card agreement submissions to the Bureau on a quarterly basis must complete a registration form and submit it to Collect_Support@cfpb.gov by November 1, 2021.
- House Financial Services Subcommittees Holding Three Hearings This Week
October 12, 2021The U.S. House Committee on Financial Services is set to hold three meetings this week.
- New Director Rohit Chopra Says CFPB Looking Out for Families, Workers and Communities
October 12, 2021Consumer Financial Protection Bureau Director Rohit Chopra offered his thoughts on the CFPB's role in a post on Tuesday, shortly after being sworn in to lead the organization.