Blog
- The Rapid Demise of NSF Fees for Nation's Largest Banks
August 19, 2022Last year at this time, all but two of the 20 largest commercial banks in the nation charged fees to consumers whose accounts did not have enough money in them to pay for certain purchases. Today nonsufficient-funds fees, which are also sometimes called returned-item fees, are largely a thing of the past among the top 20 banks.
- CFPB Seeks to Modernize How It Collects Credit Card Data
August 19, 2022Twice per year, at least 150 issuers submit information to the CFPB on their largest credit card plans, including interest rates and fees, through the Terms of Credit Card Plans (TCCP) Survey. To spur competition and give Americans the power to shop around and choose the best credit card for their needs, the CFPB is considering modernizing the TCCP Survey by: Collecting median rates by credit score tiers; Gathering information on credit cards available to specific communities or groups; and Requiring the biggest issuers to submit information about more credit cards.
- NAFCU Offers 14 Recommendations for NCUA When it Comes to Improving Regs
August 18, 2022NAFCU has 14 recommendations for improving NCUA regulations and has also made new requests regarding credit union meeting and voting requirements and deposit activity rules. The trade group made its recommendations in a letter to NCUA in response to the agency’s annual regulatory review.
- CU Trades to NCUA: Update Field of Membership Rules
August 18, 2022The NCUA should amend its field-of-membership (FOM) rules to make it easier for people to join credit unions and help those institutions grow, the two national industry trade groups told the agency this week.
- CUs Host Roanoke Valley, Lynchburg Lawmakers at Aug. 17 Reception
August 18, 2022Sixty credit union supporters from across the Roanoke Valley and Lynchburg joined us in Roanoke Aug. 17 for a legislative reception that drew eight lawmakers.
- Banks Change Overdraft Policies Amid Competition, Regulatory Pressure
August 17, 2022Pressure from regulators and lawmakers and a need to stay competitive has pushed many banks to make changes to their overdraft practices in the past year.
- Fed Warns Banks to Check Legality of Crypto-Related Activity
August 17, 2022The Federal Reserve is directing banks under its supervision to check in with the regulator before engaging in crypto-related activities to be sure those activities are legal.
- Toomey Questions FDIC Over 'Choke Point'-esque Crackdown of Banks and Crypto
August 17, 2022Sen. Pat Toomey, R-Pa., is pressing the Federal Deposit Insurance Corp. on its stance toward banks involvement in cryptocurrency, questioning if the agency is "improperly" deterring banks from offering cryptocurrency services.
- Fed Finalizes 'Master Accounts' Guidance
August 17, 2022The Federal Reserve Board has finalized its guidance for novel financial companies to access master accounts, which allow institutions to transfer money directly to other account holders in a network that underpins the global financial system.
- League Staff Attend Event for State Sen. Mamie Locke; Speak with Rep. Bobby Scott
August 16, 2022Virginia Credit Union League staffers J.T. Blau and CeJae Vtipilson had a great time with state Sen. Mamie Locke (D-2nd) at her Southern Luau in Newport News last weekend. We were also fortunate to speak with U.S. Rep. Bobby Scott (D-03), who was in attendance.