Latest News & VACUL Headlines
- NCUA Preparing to Issue Guidance on Fintech Partnerships
September 13, 2022Similar to banking regulators, the National Credit Union Administration is concerned about the risks associated with financial technology companies. Speaking Monday at a conference held by NAFCU, NCUA board member and former Chairman Rodney Hood said the credit union regulator is developing a rule related to the integration of fintech.
- NAFCU Compliance Blog: NCUA Responds to Rising Rates by Revising Interest Rate Risk Framework
September 13, 2022NCUA recently published letter to credit unions 22-CU-09 and an accompanying supervisory letter, which both discuss changes to the Interest Rate Risk (IRR) framework. Let’s review this topic ...
- Late Night ACH File Delivery for Many Begins Sept. 12
September 12, 2022Late night ACH file deliveries have begun for many financial institutions as of Monday, Sept. 12. For others, the new part is Friday night file deliveries starting Sept. 16.
- CISA Welcomes Public Input on New Cyber Incident Reporting Requirements
September 12, 2022The Cybersecurity and Infrastructure Security Agency (CISA) announced its plans to issue a Request for Information (RFI) soliciting public input on approaches to implementing the cyber incident reporting requirements, pursuant to the Cyber Incident Reporting for Critical Infrastructure Act of 2022 (CIRCIA), which President Biden signed into law in March 2022. The RFI will publish in the Federal Register on Monday, Sept. 12 and provide the public with 60 days to provide their written submissions.
- Appeals Court Rules in Favor of Credit Unions in FCDPA Lawsuit
September 12, 2022The 11th Circuit Court of Appeals vacated the plaintiff’s standing Thursday in Hunstein v. Preferred Collection and Management Services Inc., a Fair Debt Collection Practices Act (FDCPA) lawsuit. CUNA filed a brief stating that a ruling for the plaintiff would threaten the functioning of debt collectors, mortgage servicers, and the broader financial services industry.
- Merchant Code for Firearms Sales Gets a Green Light
September 12, 2022A new code identifying credit card sales of guns and ammunition has been approved by the International Standards Organization, creating a potential path for card networks to help law enforcement agencies identify suspicious sales of guns and ammunition.
- Interest Rates on Credit Cards Hit 26-Year High
September 12, 2022The average interest rate on variable-rate credit cards reached a quarter-century high of 18.03% this week as lenders responded to rate hikes by the Federal Reserve.
- New Data Standard Could Expose FIs' Authentication Gaps
September 12, 2022As FIs get ready to implement a new data security standard created by a payment industry group, there are three areas in which banks, retailers and payment processors need to step up their efforts, experts say: employee authentication, security testing and monitoring of partners' data security.
- CDFI Fund Issues Long-Sought Supplemental Guidance
September 9, 2022The Treasury’s Community Development Financial Institutions (CDFI) Fund issued CUNA-requested supplemental guidance Thursday for CDFIs currently in a certification cure period. CUNA and engaged with the CDFI Fund in recent months over CDFI credit unions receiving blanket cure notices and having their CDFI designation terminated without meaningful information or guidance.
- NIST Cybersecurity Framework Webinar Scheduled for Sept. 12
September 9, 2022The National Institute of Standards and Technology is hosting a virtual, informal discussion on the update of the NIST Cybersecurity Framework. Financial institutions and stakeholders are invited to attend the Sept. 12 event. NIST has also published a cybersecurity request for information analysis and a CSF workshop on its website.