Latest News & VACUL Headlines
- Risk Alert: Corporate Check Fraud Reported
June 10, 2022Credit union cashier's checks and/or corporate checks that closely resemble credit union authentic checks have been presented for payment at financial institutions in connection with scams, including those of a Virginia-based credit union. Slight alterations in check color, check stock, logo, or location of key credit union check branding elements have been reported. In many cases, Routing & Transit Number (RTN) and MICR information are accurate.
- Will Regulators’ Warnings Chill Lenders’ Use of AI?
June 10, 2022The Consumer Financial Protection Bureau recently issued a fresh warning to lenders that use artificial intelligence in lending decisions, saying they must be able to explain how their models decide which borrowers to approve and provide clear reasons to consumers who are declined.
- Credit Union Expansion Bill Wrapped into House Package on Financial Inclusion
June 9, 2022A bill to allow credit unions to expand into underserved areas is now part of a broader legislative package headed for likely consideration on the U.S. House floor.
- Midterm Elections Unlikely to Slow Momentum for Bipartisan Privacy Bill
June 9, 2022Lawmakers penning omnibus privacy legislation will need to work through some snags, but momentum on the bill — even after the November midterm elections — is unlikely to slow, experts say. A draft of the American Privacy and Data Protection Act was unveiled June 3 and is the first iteration of a comprehensive U.S. privacy bill that tech stakeholders have desired for years. It also marks the first bipartisan and bicameral law of its kind.
- League, Credit Unions Host Virtual Meeting with Sen. Tim Kaine
June 9, 2022Twenty credit union champions and League President Carrie Hunt and staff participated in a 45-minute virtual meeting on June 8 with Sen. Tim Kaine, discussing a range of topics and legislation, including cannabis banking, interchange fees, data security and overdraft programs.
- 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.