VACUL Headlines
- Senate Moves Ahead on Short-Term Spending Bill
September 28, 2022The Senate moved ahead on a short-term spending bill to avoid a partial government shutdown later this week.
- CU Trades Argue Interchange Bill a Threat to Credit Access
September 28, 2022Credit union trade organizations CUNA and NAFCU, along with six other groups, delivered a letter to U.S. House of Representatives leaders to raise their dire concerns over a bill that could reduce access to credit and credit card use for consumers.
- President Biden Cites Bank 'Junk Fees' as Weighing Down Families
September 28, 2022Cracking down on so-called 'junk fees' is turning out to be good politics. President Biden admonished banks and specifically mentioned bank 'junk fees' in remarks Monday to the White House Competition Council in which the administration took credit for the dramatic drop in overdraft and nonsufficient-funds fees in the past year.
- Registration Open for NCUA Webinar on Defending Against Ransomware Attacks
September 28, 2022A ransomware attack on your credit union could inflict serious financial damage and pose reputation risk. The National Credit Union Administration is teaming up with the FBI, Treasury Department, and the Wisconsin Department of Financial Institutions to host an Oct. 13 webinar to discuss how to protect your credit union and your members.
- CFPB Orders Regions Bank to Pay $191 Million for Illegal Surprise Overdraft Fees
September 28, 2022The Consumer Financial Protection Bureau has fined Regions Bank for charging customers "surprise" overdraft fees on certain ATM withdrawals and debit card purchases. The bank charged overdraft fees even after telling consumers they had sufficient funds at the time of the transactions. Financial regulators have long cautioned banks against charging this type of overdraft fee.
- CFPB: Help Us Spur New Opportunities for Homeowners in the Mortgage Market
September 28, 2022New streamlined and automatic refinancing mortgage products could make sure that those buying a home now, or refinancing to cover other needs, are able to benefit from the next interest rate drop. The CFPB wants to better understand what barriers prevent people from taking advantage of falling interest rates and how competition can help all households increase their financial stability.
- NAFCU Compliance Blog: Error Notices from the Incarcerated Member
September 28, 2022What should credit unions do when receiving late error notices from incarcerated members? Let's discuss what a credit union’s course of action is once they receive an untimely error notice about an unauthorized transaction from an incarcerated member.
- Dominion Energy Credit Union President/CEO Mike Swalley to Retire
September 28, 2022After 32 years of leadership with Dominion Energy Credit Union, President/CEO Mike Swalley has announced his plans to retire in 2023. Swalley joined the not-for-profit financial cooperative in 1990 as an executive and was named President/CEO in 1998.
- 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.