Latest News & VACUL Headlines
- 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.
- CFPB Creates Repeat Offender Unit
November 21, 2022In an effort to clamp down on repeat offenders, the Consumer Financial Protection Bureau created a Repeat Offender Unit focused on enhancing the detection of offenses that are happening on a recurring basis. The bureau is developing a process for rapid review and response mechanism designed to address the root cause of violations and also recommending corrective actions to stop the behavior.
- Recession Fears Receded this Earnings Season
November 21, 2022Investors appear to have traded in their fleece vests for crystal balls — everyone on Wall Street seems to have a recession prediction. But lately, shouts of recession have become a bit quieter, and a growing group of economists say that any downturn will likely be mild. So can the United States avoid a serious recession?
- Mortgage Bankers Record Largest Average Loss Since 2008
November 21, 2022Marina Walsh, MBA's vice president of industry analysis, called the latest quarter's results "sobering news," given that the third quarter is generally the strongest of the year for the industry.
- Agencies Issue Cybersecurity Advisory on Latest Hive Ransomware Variants
November 21, 2022The Cybersecurity and Infrastructure Security Agency (CISA), the Federal Bureau of Investigation (FBI), and the Department of the Health and Human Services (HHS) released a joint Cybersecurity Advisory (CSA) with technical details associated with Hive ransomware variants identified through FBI investigations as recently as November 2022.