Latest News & VACUL Headlines
- Zelle Scams Incorporate Utility Bill Payments
November 10, 2022Fraudsters continue to evolve scams associated with Zelle by introducing urgency to pay supposed delinquent utility bills to avoid service being discontinued. Numerous reports of scammers calling or texting individuals claiming to be from their utility company and stating they did not receive payment for their utility bill and their service will be turned off. However, if they “Zelle” funds to the company immediately, their services will continue.
- Fed Invites Public Comment on Proposal to Publish List of Depository Institutions with Access to Master Accounts
November 10, 2022The Federal Reserve Board on Friday invited public comment on a proposal to publish a periodic list of depository institutions that have access to Federal Reserve accounts—often referred to as "master accounts"—and payment services.
- Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies
November 10, 2022The Financial Crimes Enforcement Network (FinCEN) Oct. 31, 2022, informed U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF), has issued public statements updating its lists of jurisdictions with strategic AML/CFT/CPF deficiencies following its plenary meeting this month.
- Ongoing Rate Increases Have Not Only Not Slowed Member Borrowing (Yet), Pace Has Picked Up
November 10, 2022Not only have ongoing rate increases by the Federal Reserve not slowed down member borrowing, it actually picked up pace through September, according to CUNA’s latest Monthly Credit Union Estimates. But the slowdown is coming, said one economist.
- Comments on New CDFI Application Process Due Dec. 5
November 10, 2022Taking the next step in overhauling the Treasury Department’s CDFI program, the CDFI Fund announced Friday that comments on a proposed revised application will be accepted until Dec. 5.
- Navy, PenFed Leaders Among American Banker's 'Most Powerful Women in CUs'
November 10, 2022In its inaugural Most Powerful Women in Credit Unions listing, American Banker is proud to share the stories of 25 of the women leading the credit union industry through times of rapid and unprecedented change. Among those recognized: Navy Federal President and CEO Mary McDuffie and PenFed Senior Vice President, Operations Amy McGillan.
- Digital Asset Marketplace Needs Appropriate Oversight
November 10, 2022Credit unions support the “whole-of-government” approach to digital assets to ensure appropriate oversight and regulation of the marketplace, CUNA wrote to the Treasury’s Office of Strategic Policy, Terrorist Financing and Financial Crimes. That approach is outlined in an executive order issued by the White House in March.
- ABNB Relocating Sewell Point Branch to Ward's Corner
November 10, 2022As part of our ongoing process of re-structuring our branch network, ABNB’s Sewell’s Point branch will be relocated to the nearby, highly populated Ward’s Corner retail area in Norfolk in the Spring of 2023. To accommodate this move, the Sewell’s Point building will be sold.
- National Credit Union Foundation Announces New FinHealth Director
November 10, 2022The National Credit Union Foundation (the Foundation) has announced the addition of Jamie Chandler as FinHealth Director. As FinHealth Director, Chandler will lead the Foundation’s efforts to strengthen the understanding and support of financial well-being across the credit union movement.
- ValleyStar Credit Union Sponsors Virginia Tech Data Analytics Graduate Students
November 10, 2022ValleyStar Credit Union will partner with Virginia Tech as a capstone sponsor for the Pamplin College of Business Center for Business Analytics (CBA). The team will build a data-based enterprise risk management (ERM) framework to strengthen the alignment of all ValleyStar teams.