Latest News & VACUL Headlines
- Joint Trades Express Views About NDAA Provisions
September 20, 2022CUNA, the Defense Credit Union Council (DCUC) and the National Association of Federally-Insured Credit Unions (NAFCU) sent a letter to Senate Armed Services Committee leadership regarding potential provisions to the National Defense Authorization Act (NDAA) for the Fiscal Year 2023.
- Justice Dept. Making Big Investment in Crypto Oversight; DeFi to Get More Scrutiny
September 20, 2022The federal government is significantly beefing up its enforcement around digital assets and crypto. The Justice Department reported it has turned 150 federal prosecutors nationally into what are essentially crypto cops.
- PAC That Takes Strong Anti-Credit Union Stance is Backing 4 Congressional Candidates
September 20, 2022A political action committee that has expressed criticism of “…fake credit unions” is urging the banking industry to put its support behind three candidates, according to one new report. The PAC, Friends of Traditional Banking (FOTB), was first reported on CUCollaborate.com. The banker-backed group bills itself as the “inverse” of a traditional PAC.
- Virginia Sending Millions of Tax Rebates; Eligibility Tool Available
September 20, 2022To help Virginians find out if they’ve got money coming their way in tax rebate payments in the next few weeks, tax officials published an online tool Monday that lets state residents check their eligibility.
- Letter to Credit Unions (22-CU-11) NCUA to Begin Phase 3 of Resuming Onsite Operations
September 20, 2022In July 2021, the NCUA announced the implementation of Phase 1 of its phased approach to returning to onsite operations in Letter to Credit Unions, 21-CU-06. In April 2022, the NCUA entered Phase 2 as outlined in Letter to Credit Unions, 22-CU-06. The agency will enter the third phase (Phase 3) of resuming its onsite operations on October 17, 2022.
- CFPB Examines Potential Impact of Rising Car Prices on Consumer Credit
September 20, 2022On September 19, the Consumer Financial Protection Bureau (CFPB) released a blog post, exploring the potential relationship between rising car prices and changes in auto loan performance. The CFPB found that the rate of delinquency, especially for low-income borrowers, has risen over the past year.
- Credit Unions Focus on Service to Military, Not Profits
September 19, 2022CUNA wrote in opposition to any potential expansion of the credit union lease arrangement with military bases to banks in a letter sent to Senate Armed Services Committee leaders Friday asking the committee to reconsider the language included in its FY23 NDAA.
- White House Releases 'Digital Asset Framework' Outlining Vision for Crypto Regulation, Digital Assets
September 19, 2022The White House has released its first-ever “digital asset framework” that outlines its vision of what crypto regulation in the U.S. should look like, including ways in which the financial services industry should evolve to make borderless transactions easier, and how to crack down on fraud in the digital asset space.
- With Billions in Potential PPP Loan ‘Errors,’ Members of Congress Want Review of ‘Good Faith’ Rule
September 19, 2022A group of 40 Representatives signed a letter requesting the Small Business Administration (SBA) review the paycheck protection program (PPP) “Good Faith Error” rule.
- Higher Prices, Rates Putting Brakes on Car Sales
September 19, 2022Cox Automotive reported Thursday that used car sales skidded in August, following a report early this month that new car sales were flat. This time, it’s not just inventory. Cox Automotive said the slowdown is beginning to reflect the higher payments caused by both rising prices and rising interest rates.