Latest News & VACUL Headlines
- Register Now for NCUA’s How Credit Unions Empower Hispanic Consumers and Communities Virtual Roundtable
September 15, 2022In recognition of National Hispanic Heritage Month, NCUA’s Office of Consumer Financial Protection and Hispanic Employee Resource Group, CULTURA, are hosting a virtual roundtable on Oct. 6, from 1 p.m. to 2:15 p.m. The roundtable will bring together leaders within the credit union industry for a moderated discussion on advancing safe, fair and affordable financial access and empowering Hispanic consumers, particularly those who are unbanked or underserved.
- CFPB Plans to Subject Buy Now, Pay Later Lenders to Same Regulatory Scrutiny as Credit Card Companies
September 15, 2022The U.S. Consumer Financial Protection Bureau plans to subject “buy now, pay later” lenders to the same vigorous oversight as credit card companies, saying the short-term financing industry harvests consumer data in ways that threatens consumer privacy. CFPB also released a study detailing the rapid growth of BNPL.
- ‘Buy Now, Pay Later’ Products Need Further Examination
September 15, 2022Credit unions are heavily regulated for safety and soundness, unlike “buy now, pay later” (BNPL) products increasingly used by consumers, CUNA wrote to the Senate Banking, Housing, and Urban Affairs Committee. The committee conducted a hearing on new consumer financial products and services Tuesday.
- CUNA Research: Inflation Posts Slight Increase
September 15, 2022Despite indications of a slow-down in headline inflation in the last two months, it is still much higher than the Federal Reserve's target of 2%
- FTC Auto Dealer Proposal ‘Opaque,’ Reaches Too Far
September 15, 2022CUNA supports the Federal Trade Commission’s effort to develop a rule addressing bad actors in the auto dealer market but believes FTCs proposal on the matter needs further clarification. The FTC’s proposal would prohibit certain misrepresentations, require consumer consent for charges, prohibit certain add-on services, and require dealers to keep advertisement records.
- CFPB's Chopra Calls Level of P2P Fraud 'Frightening'
September 15, 2022The Consumer Financial Protection Bureau is exploring ways to fight a massive uptick in fraud in real-time payments, Director Rohit Chopra said Wednesday.
- Fed Guidelines on Master Account Access Leave Lingering Question for Fintechs
September 15, 2022Financial technology companies were left with more questions than answers following recent guidelines on Federal Reserve master account access. The Fed on Aug. 15 issued final guidelines, but industry experts said it's still unclear whether fintech companies can access the accounts. Having a master account gives a fintech without a bank charter some legitimacy and allows it to access the Fed's payment rails without relying on a partnership with a bank.
- Report: CFPB Unlikely to Undertake Consumer Arbitration Rulemaking in Near Future
September 15, 2022According to a report appearing in today’s Law360, CFPB Director Rohit Chopra has indicated that the agency appears unlikely, at least in the near future, to undertake new rulemaking that would regulate the use of consumer arbitration agreements.
- NCUA's Harper Urges Congress to Extend Emergency Liquidity Facility
September 15, 2022National Credit Union Administration Chairman Todd Harper is urging Congress to enact an extension of an emergency liquidity facility for credit unions. According to Harper, more than 3,600 credit unions are expected to lose access to the facility in the fourth quarter.
- Subordinated Debt, Member Expulsion Proposal on NCUA’s Sept. 22 Agenda
September 15, 2022The NCUA board will vote on proposed rules on member expulsion and subordinated debt at its Sept. 22 meeting. The meeting is scheduled to begin at 10 a.m. and will be streamed live on NCUA.gov.