Latest News & VACUL Headlines
- Raising Zelle: Furious P2P Users Take FIs to Court
June 8, 2022Five years after Zelle’s launch, banks and credit unions are getting hit by a flurry of class actions from consumers who say they aren’t properly protected from scams that make use of the peer-to-peer service.
- The Lummis-Gillibrand Crypto Bill Provision That Has FIs on Edge
June 8, 2022A bipartisan bill aiming to establish a broad framework for regulating digital assets could make it easier for financial technology companies to access Federal Reserve bank accounts.
- Lending, Assets, Insured Shares Growth Reported in First Quarter of 2022
June 8, 2022Total loans outstanding in federally insured credit unions increased $136 billion, or 11.7%, over the year ending in the first quarter of 2022, to $1.30 trillion, according to the latest financial performance data released by NCUA. Total assets rose by $169 billion, or 8.7%, to $2.12 trillion, over the same time period.
- Congress Should Reject Any Expansion of CU-DoD Land Lease Arrangement
June 8, 2022The House Armed Services Committee should reject any bank attempts to share the land lease arrangement between the Department of Defense and credit unions, CUNA wrote as House Armed Services subcommittees begin markups of the FY23 NDAA.
- Auto Loan Delinquency Rates Among Younger Consumers Hit the Accelerator
June 8, 2022Many young consumers are starting to wilt under the weight of car loans, according to a new analysis from TransUnion. The credit bureau is reporting that many Generation Z and Millennials now have auto loan delinquency rates that are significantly higher than their pre-pandemic levels.
- Consumers Lost More Than $1 Billion to Crypto-Fraud in 2021, FTC Reports
June 8, 2022Consumers reported losing more than $1 billion to fraud involving cryptocurrencies from January 2021 through March 2022, according to a new analysis from the Federal Trade Commission. Fraud reports suggest cryptocurrency is quickly becoming the payment of choice for many scammers.
- Registration Open for NCUA’s Webinar on Challenges Faced by Small Credit Unions
June 8, 2022Staff from the National Credit Union Administration will host a June 22 webinar, “Small Credit Union Challenges.” The webinar will focus on strategic planning, succession planning, using technology, credit union operations, and warning signs credit unions should heed.
- Federal Reserve Announces Second Tool to Help Community FIs Implement CECL
June 8, 2022The Federal Reserve announced on Tuesday it will soon release a second tool to help community financial institutions implement the Current Expected Credit Losses, or CECL, accounting standard. Known as the Expected Losses Estimator, or ELE, the spreadsheet-based tool utilizes a financial institution's loan-level data and management assumptions to aid community financial institutions in calculating their CECL allowances.
- Register Now for NCUA’s Call Report Webinar on June 23
June 8, 2022Credit unions can get valuable information for the upcoming June 2022 Call Report during an upcoming webinar hosted by the NCUA on Thursday, June 23 at 2 p.m.
- 1st Quarter 2022 Credit Union Profile Available
June 8, 20221st Quarter 2022 stats and performance information for Virginia-based credit unions.