Latest News & VACUL Headlines
- Pentagon FCU Closes Inaugural Prime Auto Loan Securitization
August 30, 2022Pentagon FCU, or PenFed Credit Union, closed its inaugural prime auto loan securitization, PenFed Auto Receivables Owner Trust 2022-A.
- Federal Reserve Banks to Launch FedNow Service in Mid-2023
August 30, 2022The Federal Reserve Banks are targeting a production rollout of the FedNow Service from May to July 2023, further defining the previously announced 2023 launch window for the instant payments service. The pilot program for the FedNow Service is gearing up for technical testing of the service beginning in September.
- Four Va.-Based CUs Make American Banker's List of Best CUs to Work For
August 30, 2022Four Virginia-based credit unions have made American Banker's 2022 list of "Best Credit Unions to Work For" -- Apple Federal Credit Union ($4.1 billion in assets), Chartway Credit Union ($2.6 billion); InFirst Federal Credit Union ($252 million) and Justice Federal Credit Union ($928 million).
- Fed's Brainard Says FedNow Launching in 2023 and FIs Need to Get Ready
August 30, 2022Federal Reserve Vice Chair Lael Brainard told a group of early adopters of the central bank's real-time payments system, known as FedNow, that the system should be operational between May and July of 2023.
- Some Analysts Say US in Housing Recession
August 30, 2022The Federal Reserve’s aggressive efforts to ratchet up interest rates have spurred concerns that the U.S. economy is heading toward a recession. But one pivotal industry may already be there.
- CUNA Mutual Group: New Variations of Online Loan Application Fraud Target Credit Unions
August 30, 2022To prevent and reduce loan application fraud, your strategy and fraud detection system should include a combination of identity verification, account onboarding protection, and account monitoring.
- Class Action Lawsuits Involving Zelle-Related Scams
August 30, 2022A flurry of class action lawsuits have been filed against some of the nation’s largest banks by their customers who lost money from Zelle-related scams. Through contact with the CFPB - using their regulatory inquiries system to determine credit unions’ Reg E obligations related to the newer version of the scam - a CFPB attorney provided “informal non-binding guidance” indicating that members victimized in the newer version of the scam are also entitled to protection under Reg E.
- Consumer Lenders Set to Benefit from Student Loan Forgiveness
August 29, 2022The Biden administration's student loan forgiveness plan should benefit consumer lenders as it will give consumers more flexibility to spend in other places, Piper Sandler analysts Kevin Barker and Scott Siefers wrote in an Aug. 24 note. The analysts noted that consumer lenders specializing in segments such as auto, personal loan, credit card and buy now, pay later will reap the most benefits.
- Surprise: Borrowers May Face Up to $1,100 in State Taxes on Forgiven Student Loans
August 29, 2022President Joe Biden’s announcement that the government would forgive some student debt for individuals earning less than $125,000 was welcome news to many carrying large loan balances.
- NCUA to Distribute $395 Million Under Corporate System Resolution Program
August 29, 2022The National Credit Union Administration, in its role as liquidating agent, announced a $313 million distribution to more than 400 membership and paid-in capital shareholders of the former Members United, Constitution, and U.S. Central corporate credit unions. NCUA will also distribute $82 million in dividends to more than 1,100 shareholders of Southwest Corporate.