Latest News & VACUL Headlines
- UVA Community Credit Union Members Approve Slate of Candidates to the Board of Directors
August 18, 2022UVA Community Credit Union is pleased to announce the results of its election to the board of directors, which was conducted during its annual meeting on July 27, 2022. Incumbents Pamela W. Higgins, Rob Walker Freer, Lynn Richman Bell, and Rob Neil were elected as vice chair, secretary, and directors respectively. In addition, Cynthia Murray was appointed as a director by Credit Union members. Board members serve a two-year term.
- US House Lawmakers Seek Info on Energy Impacts of Cryptocurrency Mining
August 18, 2022Leaders of a powerful U.S. congressional committee asked the heads of four large cryptocurrency mining companies to share data on their energy usage and what resources meet their electricity demand amid concerns that the energy-intensive industry could exacerbate climate change.
- US Bank Margins Jump in Q2 at Quickest Pace in a Decade
August 18, 2022Aggressive tightening by the Federal Reserve offered banks much-needed relief in their net interest margins in the second quarter. Through a series of rate hikes between mid-March and mid-June, the Fed increased the target fed funds rate by 150 basis points. Deposit costs held fairly steady in the second quarter, but loan yields marched higher.
- FDIC Threatens to Punish Banks that Impose Repeat NSF Fees
August 18, 2022The Federal Deposit Insurance Corp. warned banks that it will consider enforcement actions if the banks it supervises are repeatedly charging "nonsufficient-funds" fees for the same transaction.
- How CUs are Addressing Diversity at the Board Level
August 18, 2022Credit unions are supposed to be representative of the communities they serve, but their board members don't always reflect their audience's diversity. Many in the industry are working to change that.
- CUs Host Roanoke Valley, Lynchburg Lawmakers at Aug. 17 Reception
August 18, 2022Sixty credit union supporters from across the Roanoke Valley and Lynchburg joined us in Roanoke Aug. 17 for a legislative reception that drew eight lawmakers.
- Banks Change Overdraft Policies Amid Competition, Regulatory Pressure
August 17, 2022Pressure from regulators and lawmakers and a need to stay competitive has pushed many banks to make changes to their overdraft practices in the past year.
- Fed Warns Banks to Check Legality of Crypto-Related Activity
August 17, 2022The Federal Reserve is directing banks under its supervision to check in with the regulator before engaging in crypto-related activities to be sure those activities are legal.
- The Big Question in Auto Loans: Why Aren’t Repossessions Increasing?
August 17, 2022A new report suggests more and more car buyers are having difficulty keeping up with auto loan payments—but raises the question over why repossessions aren’t rising. According to a report from Automotive News, 1.63% of auto loans haven’t received a payment in at least 60 days, which is 0.4% higher than it was the same time in 2021, and the highest in the past four years.
- NAFCU Compliance Blog: Algorithmic Action - UDAAPs and a Fine for Hello Digit
August 17, 2022On Aug. 10, the CFPB announced a consent order against Digit for UDAAP violations under the Consumer Financial Protection Act of 2010 which requires the fintech to reimburse customers for overdraft requests that were denied and pay a $2.7 million fine to the bureau.