Latest News & VACUL Headlines
- 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.
- NCUA Leaves NOL Unchanged; Approves 2023-2024 Budget
December 15, 2022The National Credit Union Administration left the normal operating level unchanged at 1.33 percent, with the Board also approving a 2023-2024 budget slightly smaller than the one originally proposed by staff and unanimously advancing a proposed rule designed to provide clarity and ease credit unions’ foray into loan participations and fintech collaborations.
- 2020 HMDA Final Rule Partially Vacated: Closed-End Loan Reporting Threshold Lowered
December 14, 2022In 2020 the Consumer Financial Protection Bureau (CFPB) issued a final Home Mortgage Disclosure Act (HMDA) rule amending Regulation C to raise institutional and transactional coverage thresholds for closed-end mortgage loans and open-end lines of credit. The final rule raised the threshold to report closed-end mortgage loans from 25 to 100 originated loans in the previous two years.
- CUs, Banks May Exit Zelle if Required to Reimburse Scammed Users, Trade Groups Say
December 14, 2022Community banks and credit unions could discontinue offering instant-payment apps like Zelle if required to reimburse consumers who are victimized by scams, according to NAFCU and the Independent Community Bankers of America (ICBA).
- Elizabeth Warren Unveils Bipartisan Bill to Crack Down on Crypto Money Laundering
December 14, 2022As federal prosecutors seek to imprison former crypto darling Sam Bankman-Fried, Sen. Elizabeth Warren is attempting to push through Congress a bipartisan crackdown on money laundering in the crypto industry.