Latest News & VACUL Headlines
- DOJ Backs Democrats in FDIC Board Struggle
August 31, 2022The Department of Justice has sided with the Federal Deposit Insurance Corp.'s board over its former chair. The department of legal counsel at the Department of Justice has released an opinion stating that the chairperson can't prevent a majority of the FDIC board from presenting items for a vote and decision.
- Register Now for Sept. 15 Webinar on Climate-Related Preparedness
August 31, 2022The National Credit Union Administration Office of Consumer Financial Protection is partnering with the Federal Emergency Management Agency (FEMA) to host a webinar on Sept. 15, focused on how credit unions and their members can prepare for, and remain resilient in the face of, climate-related disasters.
- CFPB Releases HMDA Quarterly Graphs Tool
August 31, 2022The Consumer Financial Protection Bureau (CFPB) is pleased to announce the Quarterly Graphs tool. This new tool helps users understand Home Mortgage Disclosure Act (HMDA) mortgage loan data, and provides, for the first time, important HMDA data on mortgage market trends during the collection year itself.
- NAFCU Compliance Blog: Board of Directors and Reasonable Health Insurance
August 31, 2022NCUA is somewhat ambiguous about what it considers reasonable health insurance and has addressed this issue on a case-by-case basis. Along the way, NCUA has issued several NCUA Legal Opinion Letters that may provide some clues into what NCUA may consider appropriate health insurance coverage. A credit union finds its authority to provide health insurance to its board of directors in section 701.33(b)(2)(ii).
- NAFCU Compliance Blog: Lessons in Account Opening ID Requirements - Youth Edition
August 31, 2022Credit unions’ CIP/MIP policies should outline what documentation it requires for verification purposes, and the methods it uses for non-documentary verification. If this is not currently addressed in the policy, a credit union may want to consider updating it to reflect that information in order to facilitate the process of minor account openings where the minor does not have a government-issued photo ID.
- ABNB Federal Credit Union Names James A. Young to Board of Directors
August 31, 2022ABNB Federal Credit Union has appointed James A. Young to its Board of Directors. Mr. Young replaces Earl Waddell who stepped down from the ABNB Board after serving since 2003.
- Filene Research: Updating Overdraft Protection to Meet Member Needs
August 31, 2022Overdraft protection (ODP) programs were originally designed to help members but shifts over the years have moved ODP from supportive to potentially harmful for those who can least afford it. How can credit unions update ODP offerings to re-align them with their mission, value proposition, and business model?
- The Fed Wants FIs to Prepare for FedNow, But Many Are In No Rush
August 31, 2022Financial institutions have less than a year to prepare for the launch of the Federal Reserve's long-anticipated instant payment system. It remains unclear just how many will bother.
- RVA Financial, MUNA Federal Credit Union and Pinnacle Credit Union Announce Planned Merger
August 30, 2022Richmond-based RVA Financial has announced plans to merge with two out-of-state credit unions. Atlanta-based Pinnacle CU, RVA Financial FCU and Meridian, Miss.-based MUNA FCU plan to combine in a three-credit union merger. The combination will create an institution with a five-branch footprint across three states where the existing credit unions are based.
- US Banks'Loan-to-Deposit Ratio Jumps as Loan Growth Soars, Deposit Growth Slows
August 30, 2022U.S. banks' loan-to-deposit ratio rose in the second quarter as loan growth continued to accelerate and deposit growth slowed. The aggregate loan-to-deposit ratio for the industry was 60.2%, up from 57.0% in the first quarter and 58.0% in the year-ago period.