Latest News & VACUL Headlines
- GAO Report Notes NCUA's Need to Strengthen Oversight
September 23, 2021The Government Accountability Office today released a report on the National Credit Union Administration, noting that the agency has opportunities to improve its use of supervisory information to address deteriorating credit unions and its processes for reporting on failures.
- NCUA Board Meeting: No Premium Assessment Needed at Present; Final Rules to Get a Vote Later this Year
September 23, 2021In good news for credit unions, the National Credit Union Administration Board today announced that no National Credit Union Share Insurance Fund (NCUSIF) premium is needed at present to bolster the fund. Additionally, three final rules will get a vote later this year.
- League, CU Representatives Meet with Rep. Luria on IRS Reporting Requirements, Interchange Issues
September 23, 2021Your League and credit union officials from ABNB Federal Credit Union and Chartway Federal Credit Union met this morning with Rep. Elaine Luria (D-2nd) to discuss a number of key issues for credit unions.
- SAFE Banking Act Successfully Added to House NDAA; Would Address Banking Needs of Legitimate Marijuana Businesses
September 22, 2021An amendment adding the Secure and Fair Enforcement (SAFE) Banking Act to the FY22 National Defense Authorization Act (NDAA) passed by voice vote Tuesday night. The SAFE Banking Act has taken on new importance here in Virginia with the state's recent move to legalize cannabis use for adults.
- Once Confirmed, League Ready to Work With New CFPB Director
September 22, 2021Senate Democrats moved one step closer late Tuesday to finally approving the Biden administration's nomination of Rohit Chopra as permanent director of the Consumer Financial Protection Bureau. “Once confirmed, we look forward to working with Director Chopra on the regulatory issues that matter to our member credit unions,” noted League President/CEO Carrie Hunt.
- League Watching Debt Ceiling Fight with Keen Interest Given Threat to Economy
September 22, 2021Your League is keenly interested in the ongoing federal debt limit fight and what will occur in the U.S. Senate in the coming days. The potential impact on the economy is deeply concerning, notes League President/CEO Carrie Hunt.
- Two Virginians Appointed to CFPB's Credit Union Advisory Council
September 22, 2021CFPB Acting Director Dave Uejio this week announced the appointment of new members to the agency's Credit Union Advisory Council (CUAC), including Virginians Jose Iregui (Langley Federal Credit Union) and Deb Wreden (Virginia Credit Union) Iregui will serve as chair of the CUAC.
- FinCEN SAR Guidance Regarding Child Exploitation
September 22, 2021FinCEN has issued Notice FIN-2021-NTC3 to call attention to an increase in online child sexual exploitation (OCSE). The Notice provides financial institutions with specific suspicious activity report (SAR) filing instructions.
- OFAC Releases Advisory on Ransomware Payments
September 22, 2021OFAC released an Updated Advisory on Potential Sanctions Risks for Facilitating Ransomware Payments. The Advisory emphasizes that the U.S. government continues to strongly discourage the payment of cyber ransom or extortion demands and recognizes the importance of cyber hygiene in preventing or mitigating such attacks.
- Pages From the Diary of Mrs. C. Hunt - Sept. 22, 2021
September 22, 2021League President/CEO Carrie Hunt's latest "Diary" post talks all things CFPB! Plus, vaccine mandates and all the questions surrounding President Biden's executive order. And, oh yes, there's BBQ ... More