Latest News & VACUL Headlines
- Will SAFE Banking Be Back? Bet on It
December 21, 2022The reason for hope on SAFE Banking is both obvious and irritating: It’s inevitable. That’s plain just by looking at the national map of how many states have legalized cannabis, and thus have stakeholders who are complaining to their senators and representatives about the inequities they labor under due to the federal illegality of cannabis.
- Financial Services Coalition Asks Congress to Help Block CDFI Proposal
December 21, 2022Saying they are “gravely concerned” about proposed changes to the CDFI Certification process, a coalition of financial services trade groups is asking for Congress’ help in convincing the Treasury Department the updates are misguided.
- Two Different Camps of State AGs Want SCOTUS Review of CFPB Constitutionality, But for Different Reasons
December 21, 2022Two coalitions of state attorneys general are requesting the Supreme Court review the constitutionality of the CFPB's funding structure, but for “vastly different reasons.”
- CUNA Announces Robert Lewis as New EVP/Chief Advocacy Officer
December 20, 2022CUNA announced Robert Lewis has been hired as its new executive vice president and chief advocacy officer. Lewis, the founder and president/CEO of the Van Aucker Group, has more than 20 years of legislative experience involving financial services.
- Republicans Again Nominate Leon Benjamin in 4th Congressional District
December 20, 2022Fourth District Republicans on Saturday nominated Leon Benjamin, a Richmond minister, as the party’s candidate in the Feb. 21 special election for the seat of former Rep. Donald McEachin.
- Luetkemeyer Introduces Federal Data Breach Notification Bill
December 20, 2022Rep. Blaine Luetkemeyer, R-Mo. Introduced a bill Thursday that would create a national data breach notification standard, the Consumer Information Notification Requirement Act. “We support this legislation to eliminate the patchwork of state data breach notification standards, ensuring consistent treatment to all affected by a data breach,” said Credit Union National Association President/CEO Jim Nussle. “Pre-empting conflicting—and often contradictory—state laws and requiring timely notice to those who are affected would greatly benefit consumers.”
- Can the Supreme Court Distinguish the CFPB's Funding from Other Agencies'?
December 16, 2022The latest constitutional challenge to the Consumer Financial Protection Bureau hinges on whether the agency's funding through the Federal Reserve System differs dramatically from the funding of other government agencies, experts say. Some experts think the CFPB's funding through the Federal Reserve — and not directly through annual congressional appropriations — could be the chink in the armor of the Dodd-Frank Act that created the CFPB in 2010.
- In Parting Swipe at the CFPB, Toomey Proposes Appropriations Process for Agency's Funding
December 16, 2022At a hearing with Consumer Financial Protection Bureau Director Rohit Chopra, Sen. Pat Toomey, R-Pa., proposed legislation that would put the bureau under the congressional appropriations process.
- CUs Concerned with CFPB Position on Fees, Data Collection
December 16, 2022The Consumer Financial Protection Bureau has missed opportunities to recalibrate its regulatory approach to fulfill its consumer protection mission without impeding access to credit, CUNA wrote to the Senate Banking, Housing, and Urban Affairs Committee Thursday.
- Risk Alert: Remote Online Notarization Grows
December 16, 2022Credit unions considering remote notarization should develop an understanding of state requirements, notes a Risk Alert from CUNA Mutual Group. The service is permitted in Virginia.