Latest News & VACUL Headlines
- League Compliance Newsletter (10/12/2021)
October 12, 2021The latest edition of our Compliance Newsletter is posted here! This issue features League President/CEO Carrie Hunt's call to credit unions to register for Ignite 2021 | the League Annual Meeting; our continuing call-to-action on proposed IRS Reporting requirements, plus comment calls on important rules.
- Next Ginnie Mae Leader must recognize CU mission, structure
October 8, 2021The next president of the Government National Mortgage Association (GNMA, or Ginnie Mae) must understand the unique mission, structure, and operation of America’s credit unions. In August, your League and CUNA both wrote Ginnie Mae, urging the agency to adopt NCUA’s findings regarding credit union capitalization, given that NCUA addresses the risk profile of each institution it examines.
- CFPB Releases Debt Collection Rule FAQs
October 8, 2021The CFPB has released frequently asked questions on the limited-content message and call frequency provisions of its debt collection rule (Regulation F) that become effective on Nov. 30, 2021.
- FCC’s Reassigned Numbers Database Live Nov. 1
October 8, 2021The Federal Communications Commission’s (FCC) Reassigned Numbers Database (RND) is scheduled to be operational for paid subscribers on Nov. 1, 2021 (registration opened Oct. 1). Callers that use the database can also reduce their potential Telephone Consumer Protection Act (TCPA) liability by avoiding inadvertent calls to consumers who have not given consent for the call.
- NCUF Announces $100K Grant to Support CU Diversity, Financial Health
October 8, 2021On Thursday, the National Credit Union Foundation said it had created a $100,000 grant to help smaller credit unions analyze their membership demographics and better grasp the ways culture, race and ethnicity impact financial well-being.
- Increased IRS Reporting ‘Risky and Unnecessary’ for Consumers
October 7, 2021CUNA urged Joint Economic Committee leadership to take a “close look at the dangers” of proposed increased Internal Revenue Service (IRS) reporting requirements. The committee met Wednesday to discuss various funding measure for pending reconciliation legislation. If you haven't yet contacted your lawmaker on this issue, please do so today!
- CUNA Cannabis & Hemp Financial Services eSchool Highlights Key CU Considerations
October 7, 2021CUNA Cannabis & Hemp Financial Services eSchool will provide a credit-union-specific look at regulations and provide insights into operating in a world where cannabis use is becoming more widely legalized. The eSchool will be held in four, 90-minute Friday sessions in November and December.
- Credit Unions Hunting for Nonbank M&A to Diversify Revenue
October 6, 2021Credit unions are increasingly looking to buy nonbanks such as insurance brokers and wealth management firms in an effort to diversify their income. The interest in nonbanks comes at a time when credit unions, much like banks, are facing a poor revenue environment due to tepid loan growth and low interest rates.
- Fraudulent Wire Transfers Impact Corporate Accounts
October 6, 2021Cyber criminals are again targeting credit unions’ corporate accounts via fraudulent wire transfers. They do this by compromising employees’ login credentials and accessing the ACH/wire transfer systems to initiate a wire transfer out of the credit union’s corporate account. Read more
- Pages From of the Diary of Mrs. C. Hunt - Oct. 5, 2021
October 6, 2021League President/CEO Carrie Hunt's latest "Diary" post spotlights the Consumer Financial Protection Bureau (CFPB) and its newly minted Director Rohit Chopra, various ongoing battles in Congress (including the IRS reporting proposal for financial institutions that simply will not go away), a promising development in treating COVID (something else that can't go away soon enough!), plus the Bucs & Patriots!