Latest News & VACUL Headlines
- OCC's Hsu Warns Against Commingling Banks and Crypto
October 11, 2022Acting Comptroller of the Currency Michael Hsu warned against crypto firms integrating with the traditional financial system, saying that crypto companies often "disguise" their products as being similar to banking ones.
- NCUA Seeks Comments on Proposed Budget; League Will Seek to Testify
October 10, 2022NCUA is seeking public comment on its proposed budget and League President/CEO Carrie Hunt is asking to testify on behalf of Virginia-based credit unions. Your League will also be submitting written comments on the budget proposal.
- FTC Reminds Consumers, Employers: Health Insurance Covers At-Home COVID-19 Tests
October 10, 2022The FTC reminds consumers and employers, you can no longer get free COVID-19 test kits from the federal government. However, if you have health insurance, you’re covered for eight free over-the-counter, at-home COVID-19 tests each month.
- Why Credit Unions Are Giving ITIN Lending Another Look
October 10, 2022Individual Taxpayer Identification Numbers (ITINs) are tax processing numbers the IRS issues to people without a Social Security number. In addition to filing taxes with the IRS, an ITIN can be helpful to individuals as they pursue different financial activities. Key among them is opening a credit union account.
- U.S. Job Growth Cools but Remains Solid
October 7, 2022A slowdown of the labor market appears to be taking hold, relieving some pressure on inflation. But hiring remains resilient and the Federal Reserve is likely to continue raising rates aggressively.
- Stverak to Congress: Interchange Bill 'Wholly Inappropriate' for NDAA
October 7, 2022Attaching the Credit Card Competition Act to the Senate FY23 National Defense Authorization Act (NDAA) is inappropriate, CUNA Deputy Chief Advocacy Officer Jason Stverak wrote to all 535 Congressional offices Thursday.
- Committee Formed to Provide Guidance to FSOC on Climate-Related Financial Risks
October 7, 2022The Financial Stability Oversight Council (FSOC), of which NCUA is a member, has been newly charged with providing advice on climate-related financial risks to federal financial institution regulators. FSOC’s new Climate-related Financial Risk Advisory Committee (CFRAC) will help to improve the collective understanding of how climate change may impact the financial sector.
- Marry Now, Pay Later: BNPL Financing Model Expands to Weddings
October 7, 2022The buy now, pay later phenomenon has spread to the wedding industry, in what some are dubbing marry now, pay later. Maroo, which launched in mid-2021, is seeing increasing popularity with a solution that gives couples the option to pay its network of vendors in installments over a 12-month period, according to a new report.
- Biden Offers Pardons for Pot Possession, Signals Deeper Reform for U.S. Cannabis Laws
October 7, 2022President Joe Biden is pardoning people convicted under federal law of possessing marijuana — and signalling that he's willing to revisit whether cannabis should remain a controlled substance in the United States.
- As Banks Shutter Branches, Credit Unions Continue to Build
October 7, 2022The COVID-19 pandemic forced credit unions to rethink the function of branches, but recent data shows that they continue to open more locations — even as banks do the opposite.