Latest News & VACUL Headlines
- US Credit Unions' 2021 Mortgage Origination Growth Lags Other Lenders
July 14, 2022U.S. credit unions posted another year-over-year increase in mortgage originations in 2021 but lagged the growth posted by all lenders in the aggregate.
- CUNA Backs SAFE Banking Amendment to FY23 NDAA
July 14, 2022CUNA joined organizations in supporting the addition of the Secure and Fair Enforcement (SAFE) Banking Act to the House version of the FY23 National Defense Authorization Act (NDAA), which is scheduled for a House floor vote this week. The SAFE Banking Act is a CUNA-League supported bill offering safe harbor for financial institutions serving legal, cannabis-based businesses.
- CUNA Research: Inflation Sets Another Record
July 14, 2022Prices jumped to another record high in June, coming in at 9.1% year-over-year, which was higher than the consensus expectation. This is driven by a broad category of items, but energy prices have contributed half of the increase since May.
- FHA Implements Revised Appraisal Validity Period Guidance
July 14, 2022The Federal Housing Administration (FHA) published Mortgagee Letter (ML) 2022-11, Revised Appraisal Validity Periods. This Mortgagee Letter (ML) increases the Federal Housing Administration (FHA) initial appraisal validity period to 180 days from the effective date of the appraisal.
- NAFCU Compliance Blog: CFPB Issues Advisory Opinion on FCRA and Permissible Purpose
July 14, 2022The CFPB recently published an advisory opinion regarding “Fair Credit Reporting; Permissible Purposes for Furnishing, Using, and Obtaining Consumer Reports.” The CFPB also released this press release about the advisory opinion. While much of the focus of the advisory opinion is on credit reporting agencies (CRAs), the advisory opinion does discuss requirements for entities that obtain and use credit reports. The advisory opinion reminds users of reports that they must have a permissible purpose to obtain and use a consumer report.
- Growth of Total Consumer Credit Cooled in May
July 13, 2022Total consumer credit rose 5.9%, at a seasonally adjusted, annualized rate in May and is up 7.3% compared to a year ago. Total consumer credit for credit unions rose 1.9%, on a seasonally adjusted basis, in May, compared to a 1.2% gain for banks and 0.3% increase for financial companies. From a year prior, total consumer credit at credit unions rose 11%, while banks experienced a 12.3% gain and financial companies rose 1.6%.
- More Than 150 Banks, CUs Hit by ‘Brand Impersonation Attacks’ in Q1, Analysis Finds
July 13, 2022A new analysis said it has found 164 regional bank and credit union brands in a sample of institutions experienced 870 online “brand impersonation attacks” during the first quarter of this year.
- Virginia Credit Union Moves Investment Program to Ameriprise Financial
July 13, 2022Virginia Credit Union (VACU), which serves more than 300,000 members out of 20 locations across Virginia, has moved its investment program to Ameriprise Financial (NYSE: AMP) from CUNA Brokerage Services.
- Employee Collaboration Tools Can Pose Increased Legal and Data Risks
July 12, 2022With credit union leadership recognizing the need to enhance team connections, the adoption of employee collaboration (EC) and messaging platforms has steadily increased. As a result, business communication has become less formal, and contributed to by a broader audience of participants. Despite increased productivity, risks related to data governance, employment practices liability, data retention efforts, and reputational missteps have also increased.
- TRGroup Hosting First-Ever Compliance Conference
July 12, 2022Learn from the industry's best-known regulatory compliance experts at the TRGroup's first-ever compliance conference, slated for Sept. 14-15 in Nashville, TN.