Latest News & VACUL Headlines
- NCUA Introduces Several Process Improvements to Enhance the CU Diversity Self-Assessment Experience
September 28, 2022To increase the accessibility and functionality of the Credit Union Diversity Self-Assessment, the NCUA has introduced several process improvements. These enhancements include additional details for submitting surveys, improved navigation, pre-population of certain fields, and compliance with the 21st Century Integrated Digital Experience Act. The modernization also upgrades security and ensures data integrity and confidentiality.
- Interchange Bill Prioritizes Large Retailers Over Consumers
September 28, 2022CUNA joined other financial services organizations in a letter to House leadership highlighting strong opposition to the interchange bill from Reps. Lance Gooden, R-Texas, and Peter Welch, D-Vt. The organizations warn warning the bill would reduce access to credit, increase security risks associated with credit card use, and limit credit card rewards programs.
- Senate Moves Ahead on Short-Term Spending Bill
September 28, 2022The Senate moved ahead on a short-term spending bill to avoid a partial government shutdown later this week.
- CU Trades Argue Interchange Bill a Threat to Credit Access
September 28, 2022Credit union trade organizations CUNA and NAFCU, along with six other groups, delivered a letter to U.S. House of Representatives leaders to raise their dire concerns over a bill that could reduce access to credit and credit card use for consumers.
- Registration Open for NCUA Webinar on Defending Against Ransomware Attacks
September 28, 2022A ransomware attack on your credit union could inflict serious financial damage and pose reputation risk. The National Credit Union Administration is teaming up with the FBI, Treasury Department, and the Wisconsin Department of Financial Institutions to host an Oct. 13 webinar to discuss how to protect your credit union and your members.
- President Biden Cites Bank 'Junk Fees' as Weighing Down Families
September 28, 2022Cracking down on so-called 'junk fees' is turning out to be good politics. President Biden admonished banks and specifically mentioned bank 'junk fees' in remarks Monday to the White House Competition Council in which the administration took credit for the dramatic drop in overdraft and nonsufficient-funds fees in the past year.
- 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.