Latest News & VACUL Headlines
- Credit Union Loans Increased 2.3% in May
July 25, 2022Credit union loans outstanding increased 2.3% in May, compared to a 1.9% increase in April of 2022 and a 0.8% increase in May of 2021, according to CUNA’s latest Monthly Credit Union Estimates.
- Fed’s Expected Move on Rates This Week Not Being Welcomed by Consumers
July 25, 2022With the Federal Reserve expected to raise interest rates against his week when it meets, consumers -- who say they are “fed up” with the job the central bank is doing -- can also expect to pay billions more in interest as the result, according to a new survey and analysis.
- MBA Trims Mortgage Forecasts as Recession Chances Are Now a 'Coin Flip'
July 25, 2022Expectations of continuing high interest rates, signs of a weakening housing market and a “coin flip” chance of a recession led the Mortgage Bankers Association to cut its forecast for originations in the second half of this year, and, to a lesser extent, through all of next year.
- Can a Small Credit Union Take a Bite Out of Apple Pay's Fees?
July 25, 2022A new lawsuit brought against Apple by a credit union aims to erode the tech giant’s grasp on the mobile payments market currently held by Apple Pay.
- TransUnion Fights CFPB in 'Groundhog Day' Lawsuit
July 25, 2022TransUnion, one of the three large credit bureaus, never wanted to be in litigation with its regulator the Consumer Financial Protection Bureau. But the Chicago-based credit reporting agency is fighting back in court after the CFPB sued the company and a former executive in April for allegedly violating a previous 2017 order.
- Time Running Out for Student Loan Servicers to Help Servicemembers with Student Loans Get Debt Relief
July 25, 2022The Consumer Financial Protection Bureau is urging student loan servicers to aid servicemembers who may be eligible for student loan debt relief.
- NAFCU Compliance Blog: NCUA Follows Banking Regulators, Proposes Cyber Incident Notification Rule
July 25, 2022Last fall, major federal banking regulators issued a final rule that imposed new cyber incident notification requirements on banks. While that rule does not apply to credit unions, cyber incident reporting requirements for credit unions are now on the horizon. Last week the National Credit Union Administration (NCUA) issued their own proposed rule on this topic.
- Schumer's Long-Awaited Cannabis Legislation Introduced
July 22, 2022Senate leaders are introducing sweeping legislation Thursday meant to lift federal prohibitions on marijuana more than 50 years after Congress made the drug illegal. Senate Majority Leader Chuck Schumer’s Cannabis Administration and Opportunity Act would decriminalize cannabis on the federal level. Its odds of passing in this Senate are slim, but the legislation will shape the conversation around cannabis legalization going forward. While your League doesn't take a position on legalizing cannabis at the federal level, we do remain engaged on the issue in seeking a legal and safe harbor for credit unions to work with legal cannabis firms, especially important now that Virginia will allow the retail sale of recreational-use marijuana to adults beginning January 2024.
- Dems Urge CFPB To Bolster Payment App Fraud Protections
July 22, 2022A group of Democratic senators is calling on the Consumer Financial Protection Bureau to push banks to shoulder more liability for fraud that occurs on peer-to-peer payment platforms like Zelle, arguing that consumer protections around electronic payments need to be updated for the digital age.
- FHFA Will 'Reexamine' Role of Federal Home Loan Banks: Thompson
July 22, 2022The director of the Federal Housing Finance Agency said the agency would “reexamine” the structure and role of the Federal Home Loan banks in the U.S. housing market, the first possible steps of long-sought reform.