Latest News & VACUL Headlines
- 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.
- Happy Holidays from Your League!
December 16, 2022From all of us at your League, Happy Holidays! The League office is closed Dec. 23, Dec. 26, and Jan. 2 for the holidays! Have a wonderful holiday!
- CFPB’s Chopra Discusses Rulemaking Efforts with HFSC; NAFCU Pens Letter Ahead of SBC’s Hearing
December 15, 2022The House Financial Services Committee (HFSC) held its CFPB oversight hearing yesterday, discussing many points relevant to credit unions. Of note, the Senate Banking Committee holds its CFPB oversight hearing today at 10 a.m.
- CULAC Names 2023-24 Board of Trustees; 1st Advantage FCU's Paul Muse Represents Virginia
December 15, 2022The Credit Union Legislative Action Council, CUNA’s federal political action committee—confirmed 25 new members of its Board of Trustees this week. These trustees will serve from Jan. 1, 2023, to Dec. 31, 2024. Paul Muse (1st Advantage Federal Credit Union) represents Virginia.
- Republicans Preview Harsh Oversight of CFPB's Chopra in Next Congress
December 15, 2022In a series of blistering back-and-forths with Republican lawmakers, Consumer Financial Protection Bureau Director Rohit Chopra defended a series of guidance documents and other public materials released by the agency.
- CUNA Economics: ‘Fed Signals More Increases for 2023’
December 15, 2022CUNA Senior Economist Dawit Kebede issued the following statement following the Federal Reserve meeting Wednesday: “The Federal Reserve Open Market Committee (FOMC), as expected, raised the federal funds rate by 50 basis points, increasing the target range between 4.25% and 4.50%. This is consistent with the median projection of members of the FOMC for year-end from the September meeting."
- CFPB Has Missed Opportunities to Leverage Credit Union Mission
December 15, 2022The Consumer Financial Protection Bureau (CFPB) has missed many opportunities to leverage credit unions’ mission and history to benefit consumers, CUNA wrote to House Financial Services Committee leadership Wednesday. CFPB Director Rohit Chopra testified before the committee Wednesday, and is scheduled to testify before the Senate Banking, Housing, and Urban Affairs Committee Thursday.