Latest News & VACUL Headlines
- 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.
- Credit Union 1 to Acquire Illinois-Based Peer Northside Community Bank
June 7, 2022Rantoul, Ill.-based Credit Union 1 agreed to acquire substantially all the assets and liabilities of Gurnee, Ill.-based Northside Community Bank. The transaction is expected to close in the fourth quarter of 2022 or the first quarter of 2023. With the transaction, CU 1 joins the growing number of credit unions, which typically have consumer-heavy loan balances, looking to bolster their commercial banking portfolios and add commercial talent through bank mergers in recent years.
- New UDAAP Exam Parameters: Beyond Fair Lending
June 7, 2022Compliance alert! The changes to the UDAAP exam manual go far beyond fair lending. Under the new parameters, the CFPB can bring discrimination claims related to non-credit financial products and services. You can't afford to miss this crucial update.
- VyStar CU Strikes Largest-Ever CU Capital Raise
June 7, 2022VyStar CU raised a large chunk of capital while the company waits for regulators to approve its pending acquisition of Heritage Southeast Bank, the banking subsidiary of Heritage Southeast Bancorp. Inc. The Jacksonville, Fla.-based credit union raised $200 million in subordinated debt in the first quarter, the largest such raise by a credit union yet.
- REMINDER: Nominate a 2022 Credit Union Rock Star By June 10
June 7, 2022The editorial team of Credit Union Magazine is now accepting nominations for the 10th annual class of Credit Union Rock Stars, sponsored by Fiserv. Credit Union Rock Stars are professionals and volunteers in credit union organizations who leverage their exceptional creativity, innovation and passion to advance their credit unions and elevate their communities.
- Growth in Lending, Assets, Insured Shares Reported in First Quarter of 2022
June 7, 2022According to the latest financial performance data released today by the National Credit Union Administration, total loans outstanding in federally insured credit unions increased $136 billion, or 11.7 percent, over the year ending in the first quarter of 2022, to $1.30 trillion. During the same period, total assets rose by $169 billion, or 8.7 percent, to $2.12 trillion. Insured shares and deposits rose $125 billion, or 8.0 percent, to $1.69 trillion, from one year earlier.