Latest News & VACUL Headlines
- 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.
- CFPB's Chopra Vows Guidance on Buy-Now, Pay-Later Loans, Eyes Lender Examination
September 15, 2022The Consumer Financial Protection Bureau is identifying potential interpretive guidance or rules to regulate buy-now,
pay-later companies following a review of five major players, CFPB Director Rohit Chopra announced Sept. 15. The goal of the guidance is to ensure that buy-now, pay-later, or BNPL, companies adhere to many of the baseline protections that Congress has already established for credit cards, Chopra said upon releasing a detailed report. - NCUA Releases Simplified CECL Tool for Small Credit Unions
September 14, 2022The National Credit Union Administration (NCUA) issued a letter to credit unions (22-CU-10) today offering details on a tool to assist small credit unions with determining their allowance for credit losses (ACL) on loans and leases as required under Accounting Standards Codification Topic 326, Financial Instruments – Credit Losses, commonly referred to as Current Expected Credit Loss (CECL).
- CFPB Advises Furnishers Have an Obligation to Investigate Consumer Disputes
September 14, 2022When a consumer submits a dispute to a credit reporting company and it is passed along to the furnisher, the furnisher is then required to conduct its own investigation into the disputed information and report the results of its investigation back to the credit reporting company. Despite this clear obligation, CFPB says some furnishers have argued that they are free to ignore disputes they decide are without merit.
- NAFCU Caucus Coverage: NCUSIF Looks Good, Premium Assessment Unlikely
September 14, 2022One economist is predicting credit unions are unlikely to see any premiums assessed in the near future to fund the National Credit Union Share Insurance Fund, even as the nation’s banks aren’t able to say the same.