Latest News & VACUL Headlines
- The Next Frontier for Buy Now, Pay Later is Plastic
June 13, 2022In the face of rising inflation, higher interest rates and slowing economic growth, there’s more competition than ever for consumers’ dollars — and even how their purchases are made. But as Americans tighten their belts, BNPL’s big players, including Sezzle, Zip, Affirm and Klarna, are trying a new tactic to lure consumers — and it looks a lot like an old credit card.
- IRS Increases Mileage Rate for Remainder of 2022
June 13, 2022The Internal Revenue Service (IRS) today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes.
- OFAC Publishes Russia-Related FAQs
June 13, 2022OFAC has published seven new FAQs and updated two previously issued FAQs, all relating to its Russian Harmful Foreign Activities Sanctions.
- Achieva Credit Union Launches Bitcoin Trading in its Mobile App
June 13, 2022Florida-based Achieva Credit Union announced the launch of a bitcoin service on its mobile app in partnership with NYDIG.
- What the End of ‘Chevron Deference’ Could Mean for Banks
June 13, 2022The culmination of a yearslong push from conservative lawyers to undercut the broadest powers of federal agencies could unsettle decades of American banking law and fundamentally reshape the industry’s relationship to its regulators, scholars say.
- Crypto Firms Celsius, Binance Halt Withdrawals as Bitcoin Plummets
June 13, 2022Two cryptocurrency companies on Monday blocked users from withdrawing funds as the value of bitcoin and other prominent digital assets plunged.
- US Credit Unions Add 1.4 Million Members in 1Q22
June 13, 2022U.S. credit unions reported 132.2 million members at the end of March, a 1.1% increase quarter over quarter and a 4.0% increase year over year, according to S&P Global Market Intelligence data.
- CFPB Ends No-Action Letter with Fintech Lender Upstart Network
June 10, 2022The Consumer Financial Protection Bureau and the online lender Upstart Network have mutually terminated a “no action letter” that was the first agreement of its kind to give a fintech immunity from regulatory actions.
- FHFA, CFPB Urge Financial Firms to Offer Disclosures in Spanish
June 10, 2022Two regulatory agencies are urging lenders to provide disclosures to consumers in the language of their choice, a move that could presage future requirements that lenders make more accommodations for borrowers not proficient in English.
- Credit Conditions Expected to Weaken This Year: Bank Economists
June 10, 2022Bank economists are starting to sour on the possibility of robust loan growth for the rest of the year, as higher interest rates and a decelerating economy cause credit availability to tighten.