Latest News & VACUL Headlines
- ICBA Urges FDIC to Reject Ford Credit Bank's Deposit Insurance Application
August 23, 2022The Independent Community Bankers of America is urging the Federal Deposit Insurance Corp. to deny Ford Credit Bank's application for deposit insurance as an industrial loan company. Industrial loan company, or ILC, status "would allow the company to skirt regulatory oversight and violate longstanding U.S. policy separating banking and commerce," the Independent Community Bankers of America, or ICBA, said in an Aug. 19 letter.
- Credit Union Loans Increased 2.4% in June
August 22, 2022Credit union loans outstanding increased 2.4% in June, according to CUNA's latest Monthly Credit Union Estimates, compared to a 2.3% increase in May of 2022 and a 1 % increase in June of 2021. The loan growth in the first six months of 2022 would be the fastest pace since 1984, says CUNA Chief Economist Mike Schenk.
- After Initially Slow Adoption, More and More People Taking a Bite out of Apple Pay
August 22, 2022Apple Pay, which many credit unions rushed to embrace after it was introduced in 2014 as they sought to get their cards top of wallet, has been rapidly gaining momentum, according to new data. The percentage of iPhones with Apple Pay activated was 10% in 2016 and is now around 75% and “inching closer to ubiquity."
- Deadline Aug. 23 For CDFIs to Apply for Grants Under New Program
August 22, 2022Credit unions designated as Community Development Financial Institutions (CDFIs) have until Aug. 23 to apply for grants under the CDFI Fund’s new Equitable Recovery Program, which will provide approximately $1.73 billion in grants for CDFIs as they respond to the economic impact of the coronavirus pandemic.
- Fed Gov Says FedNow Instant Payment Network Should be Ready Mid-2023
August 22, 2022The Federal Reserve intends to launch its instant payment network – FedNow – by mid-2023, according to FedGov. Michelle Bowman, who called the implementation a “high priority.”
- Credit Unions Continue to Set High-Water Marks with Bank Acquisitions
August 22, 2022While the target is modest in size, the latest bank acquisition announcement by a credit union is still setting new industry benchmarks. Harvesters CU's announced acquisition of First National Bank Northwest Florida is the largest bank to be targeted by a credit union relative to the size of the acquirer among all pending and completed deals, according to S&P Global Market Intelligence data.
- FDIC Calls Out Crypto Firms Over Insurance Claims
August 22, 2022The Federal Deposit Insurance Corp. issued five cease-and-desist letters on Friday telling five cryptocurrency-related companies to stop making false and misleading statements about the availability of deposit insurance for their customers.
- NAFCU Compliance Blog: Data Security - It’s Also a UDAAP Issue
August 22, 2022The Consumer Financial Protection Bureau (CFPB or bureau) recently published a “consumer financial protection circular” that concluded having insufficient data protection or information security could be an unfair act or practice, thereby implicating the federal prohibition against unfair, deceptive or abusive acts or practices (UDAAP).
- 72% of Economists Expect US recession by Mid-2023
August 22, 2022The Federal Reserve is unlikely to tame inflation without pushing the American economy into a recession, according to a survey of economists released Monday. Seventy-two percent of economists polled by the National Association of Business Economics expect the next US recession will begin by the middle of next year -- if it hasn't already started.
- Big Banks Expected to Rack Up More Than $1 Billion in Fines for WhatsApp Use
August 22, 2022Banking giants such as JPMorgan Chase & Co. and Bank of America collectively face more than $1 billion in regulatory fines for employees' use of unapproved messaging tools, including email and apps like WhatsApp. The U.S. Securities and Exchange Commission (SEC) began probing banks' record-keeping practices relating to the use of personal devices last year, Reuters reported at the time, and the Commodity Futures Trading Commission (CFTC) is also scrutinizing the issue, bank disclosures show.