Latest News & VACUL Headlines
- NCUA Awards More Than $1.5 Million in CDRLF Grants; 3 Va.-Based CUs Among Grant Recipients
September 2, 2022NCUA has awarded more than $1.5 million in Community Development Revolving Loan Fund grants to help 90 low-income credit unions expand outreach to underserved communities, participate in mentoring relationships, receive training, and improve digital services and security. Virginia-based Richmond Heritage, RVA Financial and Virginia Educators were among the credit unions receiving grants.
- Housing Market has 'Further to Fall,' According to New Goldman Sachs Forecast
September 2, 2022Researchers at Goldman Sachs have released a new paper that now forecasts that activity in the U.S. housing market will end 2022 down across the board.
- CFPB Report: Many in Appalachia Region Have Higher Rates of Subprime Credit, Higher Rates of Medical Debt
September 2, 2022A new report from the CFPB that focuses on rural Appalachians found people in the region tend to earn less than consumers in other rural areas, have higher rates of subprime credit, and, in particular, see a much higher rate of medical debt collections.
- Report IDs 5 Trends Driving Digital Banking Landscape
September 2, 2022A research report has identified the “Five Trends Driving the Digital Banking Landscape.” The report from Alkami Technology explores how banks and credit unions are leveraging technology to improve the customer/member experience, increase digital engagement and become true partners when it comes to their consumers’ financial well-being.
- Pelosi Raises Flag On Data Privacy Bill's State Law Override
September 2, 2022House Speaker Nancy Pelosi on Thursday threw a wrench into efforts to enact federal privacy legislation that was recently sent to the House floor, saying that more work needs to be done to prevent the proposal from overriding California's more stringent privacy protections.
- Firms Vie To Lead Consolidated Equifax Glitch Fight in Georgia
September 2, 2022Morgan & Morgan and Beasley Allen Crow Methvin Portis & Miles PC are competing with Girard Sharp LLP to lead a proposed consolidated class action in which Equifax Inc. stands accused of providing lenders inaccurate credit scores for millions of consumers. Reports from consumers and news media showed the credit reporting giant sent erroneous credit scores for individuals applying for lines of credit over a three-week period earlier this year.
- Rampant Check Fraud Pits FIs Against Other FIs
September 2, 2022Check fraud has become so widespread due to brazen criminality and mail theft that many FIs are struggling to collect on bad checks from other FIs.
- Experian: Lower Rates Help Credit Unions Grab Q2 Auto Loans
September 2, 2022Offering lower interest rates was a major reason credit unions amassed a share of auto loan originations in the second quarter that set a record going back to at least 2007, an Experian analyst said.
- Federal Agencies Instructed to Minimize Effect of Medical Debt in Loan Considerations
September 2, 2022On Aug. 25, the Office of Management and Budget (OMB) directed federal agencies involved in originating consumer and small business loans — including the Small Business Administration, Department of Veterans Affairs, Department of Agriculture, and the Federal Housing Finance Agency — to reduce the impact of medical debt when making underwriting decisions.
- Bank of America to Offer Zero-Down Payment Mortgages in Certain Black and Hispanic Communities
September 2, 2022Bank of America is offering zero down payment mortgages with no closing costs for first-time homebuyers in certain Black and Hispanic neighborhoods in a new program designed to chip away at inequality in the housing market. The bank said borrowers do not need to be Black or Hispanic to qualify. Eligibility is based on borrower income and home location.