Latest News & VACUL Headlines
- 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.
- Interchange Bills Would Increase Costs, Decrease Financial Access
September 27, 2022The Credit Card Competition Act would push more people away from access to financial products and services. CUNA, Leagues, and credit unions strongly oppose the bill, introduced by Sens. Roger Marshall, R-Kan., and Duck Durbin, D-Ill., in the Senate and Reps. Lance Gooden, R-Texas, and Peter Welch, D-Vt., in the House.
- Spectra FCU's Kristin Shultz Recognized as 2022 Credit Union Rock Star
September 27, 2022Congratulations to newly minted Credit Union Rock Star, Kristin Shultz, CEO of Spectra Federal Credit Union (Alexandria)!
- Debit Card Fraud Wave Hits Small Ohio Credit Union
September 27, 2022A small credit union in Ohio that has been hit by a flurry of hacks to member debit cards said it is part of a “massive” wave of similar attacks worldwide.
- FIs Point to Law Enforcement for Solutions in Combating P2P Fraud
September 27, 2022Financial institutions want law enforcement agencies to commit more time and resources to help combat fraud in real-time payments even as the Consumer Financial Protection Bureau is looking into holding banks and payment processors liable for errors made by consumers.