Latest News & VACUL Headlines
- Credit Union Trades Question FTC Effort to Regulate Data Privacy
November 28, 2022Any effort by the Federal Trade Commission to regulate the ways that consumer data is used is likely to be ill-timed or overly broad, credit union trade groups told the commission this week. The commission has been soliciting comments on how to protect such data.
- Interchange Survey: How Could Changes Impact Your Credit Union Operations?
November 28, 2022Please take time over the next two weeks to help CUNA and your League by completing a survey about the impacts of debit and credit interchange on credit union operations. We will use the information gathered to craft updated talking points, refine policy positions, and plan our grassroots efforts as we go into the 118th Congress.
- CUNA Mutual Group Risk Alert: CFPB Ramps Up Attack on Junk Fees
November 22, 2022The CFPB recently issued a news release Illegal Junk Fees on Deposit Accounts –- Guidance to Help Banks Avoid Charging which addresses “two junk fee practices that are likely unfair and unlawful under existing law,” including overdraft fees on certain debit card transactions and fees charged on returned deposited items. The CFPB indicates that charging these fees likely violates the Consumer Financial Protection (CFP) Act, which prohibits conduct that constitutes an unfair act or practice.
- Opportunities and Challenges in Federal Community Investment Programs
November 22, 2022A Request for Information (RFI) has been published by the Interagency Community Investment Committee (ICIC). The ICIC is comprised of the Department of the Treasury, Small Business Administration (SBA), Department of Commerce, Department of Transportation, Department of Housing and Urban Development (HUD), and Department of Agriculture (USDA). The comment deadline for this RFI will be extended until Dec. 19, 2022. The Agencies invite the public to comment on how the ICIC can promote economic conditions and systems that reduce racial disparities and produce stronger economic outcomes for all communities.
- Bill to Curb Payday Lending Abuses Introduced in Congress
November 22, 2022Last week, legislation was introduced in Congress to protect consumers from "deceptive and predatory payday lending practices." Among other measures, it would require all lenders, including financial institutions, to abide by state rules for the small-dollar, payday-like loans they may offer customers in a state.
- NAFCU Compliance Blog: Address Confidentiality Programs and Customer Identification
November 22, 2022The PATRIOT Act and federal regulations require each credit union to implement a written Customer Identification Program (CIP) that includes certain minimum requirements, such as the collection of identifying information at account opening and risk-based identity verification procedures. But what happens when a customer is part of an address confidentiality program (ACP)?
- Strong Data Security Standard with ‘Clear, Robust Mechanisms’ Needed
November 22, 2022CUNA strongly supports the enactment of a comprehensive national data security and data privacy standard, it wrote to the Federal Trade Commission (FTC) Monday. CUNA sent its comments in response to an Advance Notice of Proposed Rulemaking on commercial surveillance and data security.
- CUNA Mutual Group Webinar: Fraud & Scams
November 22, 2022Join CUNA Mutual Group's risk consultants as they lead you through this two-hour discussion — including multiple breakout sessions — sharing their insights and mitigation tips on hot topics such as mail check fraud, loan fraud, wire fraud, and the growing number of member scams.
- During 9th Annual Chartway Norfolk Harbor Race Weekend, Chartway Promise Foundation Hosts Two Wish Reveals for Children with Critical Illnesses
November 22, 2022This weekend, thousands of runners participated in the Chartway Norfolk Harbor Race Weekend where Chartway Credit Union served as the Title Sponsor over the weekend and surprised two local children facing medical hardship – 12-year-old Caelum and 4-year-old Caiden – with the news that their wishes had come true thanks to funds from Chartway’ s charitable arm, the Chartway Promise Foundation.
- Some Optimistic About Cannabis Banking Legislation's Odds in Lame Duck
November 21, 2022Senate Majority Leader Chuck Schumer, D-N.Y., has said prospects are bright for cannabis banking legislation to be taken before the end of the year, but analysts are somewhat less sure the measure will be passed during the lame duck session of Congress.