Latest News & VACUL Headlines
- On Compliance: What the Supreme Court’s ‘Administrative State’ Decision Means for Credit Unions
August 25, 2022NCUA’s approach to regulation protects it from the uncertainty many agencies now face following the Environmental Protection Agency ruling. The U.S. Supreme Court’s recent administrative law decision in West Virginia v. Environmental Protection Agency may have sent shockwaves throughout the Washington, D.C. regulatory state, however, it is unlikely to disrupt policymaking at the National Credit Union Administration.
- AACUC Leverages Experts to Propel Small CU CEOs’ Success
August 25, 2022The African-American Credit Union Coalition hosted the inaugural Small Credit Union Summit, joined by CUNA Mutual Group, Inclusiv and the National Credit Union Administration (NCUA) and PRO Found Recovery Solutions, during its 24th Annual AACUC Conference. This is an exclusive summit for executives at small credit unions with less than $100M in assets; leaving CEOs empowered to tackle running their small credit unions with HR, Compliance, Lending, Board and Supervisory Governance strategies and best practices.
- Cannabis and Compliance
August 25, 2022Serving cannabis-related businesses (CRB) brings significant growth potential for credit unions—along with challenging operational demands and complex regulations. But cannabis banking doesn't necessarily mean high-risk banking. Virginia's recreational cannabis market is scheduled to begin in 2024, but the industry faces a long regulatory road ahead, including sorting out banking related issues.
- NAFCU Compliance Blog: Revised Closing Disclosures
August 25, 2022Regulation Z, section 1026.19(f)(1) requires lenders to provide closing disclosures prior to consummation of a mortgage loan. However, what happens when a mistake is made or a something occurs after providing the closing disclosures and they are inaccurate. Credit unions should review section 1026.19(f)(2), which lays out the procedures for correcting inaccurate closing disclosures ...
- One-in-Five Adults Unbanked, Underbanked, With Many Low-Income or People of Color, Congressional Report States
August 25, 2022The U.S. Congress Joint Economic Committee (JEC) has released a new report that finds nearly one in five U.S. adults are either unbanked or underbanked, and of the roughly 20% who lack access to a bank account or rely on alternative financial services, a disproportionate share are lower-income earners or people of color.
- White House Announces New Round of Federal Student Loan Relief
August 25, 2022President Biden has announced a new round of federal student loan debt relief, saying he is cancelling $10,000 in debt for those earning less than $125,000 per year and $20,000 for those who had received Pell grants for low-income students.
- Banking Groups Challenge CFPB’s RFI on Customer Service
August 25, 2022Banking trade groups are challenging a request for information (RFI) issued by the Consumer Financial Protection Bureau (CFPB) regarding customer service at large financial institutions. In a joint letter dated August 22, the Bank Policy Institute, Consumer Bankers Association, and the American Bankers Association objected to the CFPB’s insinuation that big banks are providing a sub-par customer experience and challenged the CFPB’s authority to regulate customer service.
- Mortgage Rates Climb Again, Jumping to More Than 5.5%
August 25, 2022Mortgage rates jumped higher this week as investors tried to make sense of data that gave mixed signals about the health of the US economy. The 30-year fixed-rate mortgage averaged 5.55% in the week ending August 25, up from 5.13% the week before, according to Freddie Mac. That is significantly higher than this time last year when it was 2.87%.
- CUNA Mutual Group's Emerging Risks Outlook: August 2022
August 25, 2022Staying current on emerging risks, loss trends, and integrating risk management into your day-to-day business plans and operations is critical. CUNA Mutual Group offers a risk overview and resources this month on climate change.
- League Seminar: Overview of Credit Union System, Philosophy, Understanding Financials/Key Ratios, and Legislative Advocacy
August 25, 2022Gain an understanding of what makes credit unions tick and our role in the financial services marketplace, including the financials that drive our success, the philosophy on which our industry was built, and the obligation each of us has in advocating for credit unions.