Latest News & VACUL Headlines
- 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.
- Here's How the Fed Will Read Today's Jobs Report
September 2, 2022The US has a jobs problem: There are too many of them. That sounds like a good thing — and it is for Americans who are facing higher prices on everything from groceries to rent. But the Federal Reserve isn't very happy about it ...
- One-in-Five Home Sellers Dropping Asking Price as Housing Market Cools
September 2, 2022Home sellers are getting nervous, as the once hot housing market cools fast. One in five sellers in August dropped their asking price, according to Realtor.com. A year ago that share was just 11%.
- CUNA Releases August Economic Update
September 2, 2022In the August 2022 CUNA Economic Update, Chief Economist Mike Schenk discusses credit union development in the first half of the year and how that compares to banks.
- FHA Announces Update to Home Equity Conversion Mortgage Program Requirements for Notice of Due and Payable Status
September 2, 2022The Federal Housing Administration (FHA) published Mortgagee Letter (ML) 2022-15, Update to Home Equity Conversion Mortgage (HECM) Program Requirements for Notice of Due and Payable Status.
- Waters Announces Financial Services Committee Schedule for September
September 2, 2022Rep. Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, recently announced the Committee's schedule for the month of September.