Latest News & VACUL Headlines
- 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.
- FFIEC's Recently Announced CRA Website Updates
August 29, 2022The FFIEC released an updated flat file recently and the 2022 FFIEC Median Family Income Report as the second part of the FFIEC 2022 Census products release. The flat file covers the demographic information from the Redistricting Data release. The FFIEC Census flat files are a convenient method of accessing and analyzing the FFIEC census data that are used to create the HMDA and CRA Aggregate and Disclosure Reports.
- New Data Show Americans Trillions of Dollars Behind in Retirement Planning
August 29, 2022Credit unions have a big challenge in front of them when it comes to helping members plan for their retirements, as most are drastically unprepared to stop working, new research shows.
- As General Elections Get Closer, CUNA Launches New Phase of Credit Unions Vote
August 29, 2022CUNA has launched the general election phase of its Credit Unions Vote Member Activation Program (MAP) campaign. According to the trade association, the campaign calls on credit unions to encourage members to participate in the upcoming elections and visit CreditUnionsVote.com.
- Car Loan or Rent? As Car Prices Hit New Highs, So Do Auto Loan Payments
August 29, 2022With the cost of the average new vehicle loan hitting a record-high of $40,290 during Q2, the average monthly payment for a new vehicle loan rose to $667 in the second quarter, up nearly 15% from a year earlier, according to new data from Experian.
- Some Student Loan Forgiveness Will Benefit Mortgages
August 29, 2022Student loan forgiveness for more than 40 million people announced this week could help improve mortgage eligibility and performance for a subset of them.