Latest News & VACUL Headlines
- 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!
- House Bill Introduced to Prohibit Increased IRS Reporting
October 5, 2021A credit union-supported House bill was introduced Friday that would prohibit the implementation of any expanded Internal Revenue Service (IRS) financial institution reporting requirements. Rep. Ashley Hinson (R-Iowa) introduced the bill, which follows a Senate companion bill introduced last week.
- Park View FCU Aids Local Fundraising Effort
October 5, 2021Park View Federal Credit Union aided efforts to raise funds during the 5th Annual Virginia Mennonite Relief Sale Friday night and Saturday at the Rockingham County Fairgrounds.
- Holiday Closing Signs Available for CUs
October 4, 2021Your League makes available holiday closing signs for the various federal holidays, including Columbus Day (Oct. 11). See the closing signs here.
- New InfoSight Content
October 4, 2021Please check out the new InfoSight resources we’ve added and let us know if there is something else that would be helpful for your credit union!
- CUs Reminded of Libor Transition Deadline
October 4, 2021The NCUA encourages all federally insured credit unions to transition away from using the U.S. dollar LIBOR settings as soon as possible, but no later than December 31, 2021.