Latest News & VACUL Headlines
- Tidewater Chapter Plans Sept. 8 Meeting
August 22, 2022Join the Tidewater Chapter on Sept. 8 as representatives of Children's Hospital of the King's Daughters provide an update on the hospital and its latest projects. The Chapter will be presenting proceeds from its charity golf tournament -- held in June -- to the hospital.
- League Continues Outreach to Federal Lawmakers on Interchange, Overdraft & More
August 22, 2022Your League today continued its push to reach every member of Virginia's Congressional delegation to discuss the long list of credit unions' federal legislative priorities. In meetings today with the offices of Sen. Tim Kaine and Rep. Gerry Connolly (D-11), we covered a range of issues and legislation, including interchange, overdraft protection programs, and third-party examination authority for the National Credit Union Administration.
- Excessive FCC Restrictions Could Block Important Calls to Consumers
August 19, 2022The FCC should avoid imposing excessive restrictions on “non-conversational traffic,” CUNA and other organizations wrote in response to a proposal involving methods to target and eliminate unlawful robocalls.
- The Rapid Demise of NSF Fees for Nation's Largest Banks
August 19, 2022Last year at this time, all but two of the 20 largest commercial banks in the nation charged fees to consumers whose accounts did not have enough money in them to pay for certain purchases. Today nonsufficient-funds fees, which are also sometimes called returned-item fees, are largely a thing of the past among the top 20 banks.
- CFPB Seeks to Modernize How It Collects Credit Card Data
August 19, 2022Twice per year, at least 150 issuers submit information to the CFPB on their largest credit card plans, including interest rates and fees, through the Terms of Credit Card Plans (TCCP) Survey. To spur competition and give Americans the power to shop around and choose the best credit card for their needs, the CFPB is considering modernizing the TCCP Survey by: Collecting median rates by credit score tiers; Gathering information on credit cards available to specific communities or groups; and Requiring the biggest issuers to submit information about more credit cards.
- Crypto: A New Way To Drive Lending?
August 19, 2022A handful of credit unions offering cryptocurrency services have said their next step will likely be finding ways to leverage members’ digital assets to drive lending. However, some recent developments among fintechs already operating in the crypto lending space suggest CUs should proceed with caution...
- Three Impacts of a Cooling Housing Market
August 19, 2022Today, home values remain strong on paper, but they are being scooped up more slowly, indicative of a disconnect between what sellers want to sell their homes for and what buyers are willing and able to pay. In fact, Redfin is reporting widespread reductions in sales price for many metropolitan areas as sellers struggle to find buyers. There is seemingly a shift coming from a seller’s market to a buyer’s market.
- Credit Unions: NCUA to Streamline Merger Process, Defer to States
August 19, 2022The NCUA should streamline its merger process and defer to state officials, when appropriate, credit union groups told the agency this week.
- CFPB Turns Its Attention to Data Security – Seven Industry Practices You Need to Know Now
August 19, 2022Recently, the CFPB pointed to three practices — inadequate authorization, poor password management, and lax software update policies — as examples of data security practices that would likely cause substantial unavoidable injury to consumers without a countervailing benefit and that could trigger liability for financial institutions and/or their service providers.
- Merchants Are Now Consumers? FTC Settles Action Against Payment Processor After Alleging Its Merchants Are 'Consumers'
August 19, 2022In an unprecedented case, the FTC is using consumer protection statutes to sue a payment processor for alleged acts against the merchants with whom the processors do business.