Latest News & VACUL Headlines
- Pace of Cryptocurrency Fraud Losses Accelerates in Q1
June 8, 2022Consumers lost about $329 million from cryptocurrency fraud in the first quarter of this year, nearly half as much as during the whole of last year, according to data released this month by the Federal Trade Commission. This year, the overwhelming majority of losses so far have been from investment-related fraud, $575 million. The remainder was associated with romance scams, business imposters or government imposters.
- Senate Confirms Harper to Full Term on the NCUA Board
June 8, 2022The U.S. Senate by a vote of 59-to-40 on Wednesday confirmed Todd M. Harper to be a Member of the National Credit Union Administration Board for a term expiring on April 10, 2027.
- Sens. Gillibrand, Lummis Introduce Major Cryptocurrency Bill
June 8, 2022Sens. Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.) introduced legislation this week that will create a regulatory framework for digital assets such as cryptocurrency.
- Federal Judges Dismiss Lawsuit Seeking New Virginia House Elections This Fall
June 7, 2022A panel of federal judges has struck down a lawsuit seeking to force Virginia to hold House of Delegates elections this year under new political boundaries, ruling that the person who brought the suit lacked legal standing. The 31-page technical finding by a three-judge panel of the U.S. District Court for the Eastern District of Virginia effectively ends the chances of holding a do-over of last year’s General Assembly races.
- Reminder: 2022 CDRLF Grant Round Closes June 24
June 7, 2022Low-income credit unions that want to apply for Community Development Revolving Loan Fund grants in 2022 have until June 24 to submit their applications.
- Bank Economists Advise Caution But Don't Expect a Recession
June 7, 2022The U.S. economy will slow this year and through 2024 but avoid recession, despite a cavalcade of threats that include soaring inflation, war in Europe and nagging supply chain disruptions, a team of prominent bank economists said.
- As Mortgage Market Cools, Fraud Risk Heats Up
June 7, 2022With rising interest rates cooling down the mortgage market, researchers warn the risk of mortgage fraud may be heating up.
- Navy Federal CISO Sees No Trade-Off Between Security, Ease of Use
June 7, 2022Among the best steps banking customers can take to protect themselves against cybercrime is using a password manager, and they should expect doing so to make their lives easier. That’s according to a veteran of cybersecurity, Mike Newborn, who is now the chief information security officer at Navy Federal Credit Union.
- Borrowers Have a Record $11 Trillion in Tappable Equity
June 7, 2022Escalating home prices delivered a record gain of $1.2 trillion in tappable equity to borrowers in the first quarter of the year, Black Knight reports.
- Mortgage Originations Could Sink More Than Expected
June 7, 2022The year-to-date drop-off in mortgage originations exceeded Fitch Ratings expectations, indicating a larger decline is likely than either the Mortgage Bankers Association or Fannie Mae predicted.