Latest News & VACUL Headlines
- Where Credit Unions Beat Banks in 'Customer' Experience
August 15, 2022Arizent's second annual survey on Humanizing the Bank Customer Experience in Banking reveals that credit unions may be doing a better job of creating a positive connection to "customers" than some banks, especially larger institutions. Six of the top 10 institutions recognized in the survey were credit unions, and another, Chime, was a fintech.
- Rate Hikes, Recession are Still in the Cards
August 15, 2022Consumers and investors alike are asking: Is inflation peaking or not? The answer, according to the market analysts, is probably. But there's still a long way to go before we are where we want to be.
- Homebuilders Say U.S. is in ‘Housing Recession’ as Sentiment Turns Negative
August 15, 2022Tighter monetary policy from the Federal Reserve and persistently elevated construction costs have brought on a housing recession.
- CFPB Taking Hard Look at Credit Card Interest Rates
August 15, 2022Consumer reliance on credit cards as a source of borrowing justifies a closer look at what’s driving interest rates, as credit card market profitability increases, says the Consumer Financial Protection Bureau.
- NAFCU Compliance Blog: CFPB Issues Interpretative Rule on Digital Marketing Providers
August 15, 2022The Consumer Financial Protection Bureau (CFPB) recently issued an interpretive rule (rule) to address digital marketing providers. Financial institutions such as credit unions may use these providers for advertising, which may also help with other activities such as member acquisition and marketing analysis. These providers “aggregate and analyze immense amounts of granular consumer data, and then use that data to determine what advertisements to provide to specific consumers at what times.” Some types of data points these providers may aggregate are account openings and a member’s search history. These providers may allow credit unions to target certain types of members with specific advertising services.
- CUNA Files Comments with Treasury on Digital Assets
August 15, 2022CUNA wrote to the Treasury in response to a request for information on digital asset development. CUNA notes credit unions support a “whole-of-government” approach to the issue, as outlined in President Joe Biden’s March executive order on the subject. The letter also reiterates CUNA’s concerns with proposals for a central bank digital currency. CUNA believes the creation of a CBDC could “significantly worsen the provision of financial services.”
- 'Credit Union Difference' on Display for State Legislators
August 12, 2022CUNA, Leagues, and credit unions engaged with hundreds of state lawmakers from around the country over the last few weeks at the American Legislative Exchange Council (ALEC) in Atlanta and the National Conference of State Legislatures (NCSL) in Denver.
- CU Economists: Inflation Eases, but Fed Will Want to See More
August 12, 2022CUNA and NAFCU economists say reports early next month on jobs and inflation will influence the size of the Fed’s next rate hike. Also read: The Only Thing That Got Cooler in July was Inflation: Here’s How 2 CU Economists View What’s Happening
- Would a Proposed Credit Card Law Be as Costly as CUs Claim?
August 12, 2022The Credit Card Competition Act shares many similarities with the Durbin amendment and as such, could see that same outcome transition from the debit realm to the credit market, said Greg Mesack, senior vice president of government affairs for NAFCU. NOTE: You can aid our advocacy efforts by writing your lawmakers on this important legislation!
- Understanding the Retail Bank that Apple Quietly Built
August 12, 2022Apple's multiple forays into banking services haven't exactly been hidden, but only now is the tech giant's potential to become a retail financial services powerhouse coming into focus. What will it look like once all the pieces are in place? Read on to see what's coming to your customers' iPhones.