Latest News & VACUL Headlines
- What the White House's Blueprint for an AI Bill of Rights Means for FIs
October 7, 2022The White House has published an AI Bill of Rights that instructs financial institutions and other companies on the kinds of consumer protections they need to build into their artificial intelligence-based programs.
- Can FinCEN Deliver on Promised Regulatory Relief?
October 7, 2022The Treasury Department finalized its beneficial ownership rule last week, but left timing on the elements that financial institutions care most about vague.
- Fed Warns That Custodia Suit Could Upend 'Careful Balance' of Authority
October 7, 2022The Federal Reserve is using Custodia Bank's own marketing materials to refute the company's claim that it poses no new risks to the central bank's payment system. The Fed pointed to Custodia press releases in which the Wyoming-chartered institution describes itself as a "first-of-its-kind digital asset bank" and details its plan to launch a stablecoin as evidence that the firm's business model warrants more time to scrutinize than that of a traditional bank.
- House Republicans Challenge Fed's Ability to Create CBDC Without Congress
October 6, 2022A group of Republicans on the House Financial Services Committee have asked Attorney General Merrick Garland for the Department of Justice's analysis on legislation to create a central bank digital currency.
- NAFCU Compliance Blog: PMI/MIP Refresher
October 6, 2022Your mortgage borrower wants remove the private mortgage insurance (PMI) or mortgage insurance premium (MIP) from their loan. Here's a PMI/MIP refresher that may prove helpful.
- Banking Groups Belie Warren's Report Alleging Rampant Fraud on Zelle
October 5, 2022The American Bankers Association, Bank Policy Institute, Consumer Bankers Association and The Clearing House disproved a report issued by U.S. Sen. Elizabeth Warren, D.-Mass., that alleged rampant fraud and theft on the payment platform Zelle and that the banks who own the platform are not refunding the majority of defrauded customers as promised, potentially violating federal laws. Warren on Oct. 3 unveiled a report that included her investigation findings on Zelle, based on data provided by the banks.
- Langley Voted Excellence in Retail at the Retailer of the Year Awards
October 5, 2022Langley Federal Credit Union has been awarded the Excellence in Retail award in Services & Entertainment at the 2022 Retailer of the Year Awards.
- US Bank Branch Closures Slow from Pandemic-Era Record Highs
October 5, 2022Coming off of two consecutive record years, U.S. bank branch closures have now slowed considerably. After the COVID-19 pandemic greatly accelerated digital banking, U.S. banks began shuttering branches at a rapid pace, leading to a record number of closures in both 2020 and 2021. While branch closings still outpace openings, the pace of closures has slowed in the past two quarters.
- Virginia's Luria Among Candidates Garnering Support from CUNA, CULAC's $2.5M Spend on Campaign Ads
October 5, 2022Rep. Elaine Luria is getting a boost from credit unions this election season, with CUNA and the Credit Union Legislative Action Council (CULAC) funding an ad touting the Congresswoman's work to support veterans and their families.
- America’s Gross National Debt Exceeds $31 Trillion for First Time
October 5, 2022America’s borrowing binge has long been viewed by some policymakers as sustainable because of historically low interest rates. But as rates rise, the nation’s fiscal woes are getting worse.