Latest News & VACUL Headlines
- CFPB Orders Regions Bank to Pay $191 Million for Illegal Surprise Overdraft Fees
September 28, 2022The Consumer Financial Protection Bureau has fined Regions Bank for charging customers "surprise" overdraft fees on certain ATM withdrawals and debit card purchases. The bank charged overdraft fees even after telling consumers they had sufficient funds at the time of the transactions. Financial regulators have long cautioned banks against charging this type of overdraft fee.
- CFPB: Help Us Spur New Opportunities for Homeowners in the Mortgage Market
September 28, 2022New streamlined and automatic refinancing mortgage products could make sure that those buying a home now, or refinancing to cover other needs, are able to benefit from the next interest rate drop. The CFPB wants to better understand what barriers prevent people from taking advantage of falling interest rates and how competition can help all households increase their financial stability.
- NAFCU Compliance Blog: Error Notices from the Incarcerated Member
September 28, 2022What should credit unions do when receiving late error notices from incarcerated members? Let's discuss what a credit union’s course of action is once they receive an untimely error notice about an unauthorized transaction from an incarcerated member.
- Dominion Energy Credit Union President/CEO Mike Swalley to Retire
September 28, 2022After 32 years of leadership with Dominion Energy Credit Union, President/CEO Mike Swalley has announced his plans to retire in 2023. Swalley joined the not-for-profit financial cooperative in 1990 as an executive and was named President/CEO in 1998.
- Crypto Operations Consume As Much Energy as All Residential Lighting, Hurting Ability to Respond to Climate Change, Says White House Report
September 28, 2022The White House Office of Science and Technology Policy is warning cryptocurrency mining operations could hinder the country’s ability to mitigate climate change. It also said federal agencies should consider information from crypto miners and local utilities “in a privacy-preserving manner” to help understand and mitigate the problem, CNBC reported.
- Fed Governor Urges Focus on Credit Union Deposits in M&A Review
September 28, 2022Federal Reserve Governor Michelle Bowman offered some early insight into the Federal Reserve's evolving framework for reviewing bank mergers. Speaking Sept. 28 at an industry conference, Bowman indicated that the Fed may look to formalize the inclusion of credit unions, nonbanks and online deposits in its competitive analysis in order to modernize the agency's approach. However, a lack of data on those entities presents challenges.
- IRS Will Tax Improperly Forgiven PPP Loans
September 28, 2022At the end of September, the IRS issued guidance declaring that any person with a PPP loan that was forgiven based on misrepresentations or omissions must include the PPP amount in their income when filing taxes. These borrowers will pay an additional income tax.
- House Republicans to CFPB’s Chopra: Watch Out
September 27, 2022Armed with a U.S. Supreme Court ruling on the limits of regulatory power, Republican leaders of two committees last week warned CFPB Director Rohit Chopra that he continues to exceed the power he was given under the Dodd-Frank Act.
- Cyber Incident Proposal Keeps Focus on Incidents Impacting Operations
September 27, 2022CUNA supports NCUA efforts to minimize the impact of cyberattacks on members and the credit union system through early alerts and information sharing, it wrote to the agency Monday. CUNA’s comments are in response to NCUA’s proposed rule that would require federally insured credit unions to notify NCUA of “reportable cyber incidents” within 72 hours of establishing “reasonable belief” that one has occurred.
- CDFIs Considered Certified until Official Notification of Change
September 27, 2022Certified Community Development Financial Institution (CDFI) credit unions with pending submissions or cure period requirements are considered certified until the CDFI Fund provides official notification of change or termination of status, the Fund said in a statement.