Latest News & VACUL Headlines
- FTC Proposes Changes to Telemarketing Sales Rule
June 7, 2022The Federal Trade Commission has published a notice of proposed rulemaking [87 FR 33677] seeking public comment on proposed amendments to the Telemarketing Sales Rule (“TSR”). The proposed amendments would require telemarketers and sellers to maintain additional records of their telemarketing transactions.
- Tidewater Chapter Holds Charity Golf Tournament to Support Local Children's Hospital
June 7, 2022The Tidewater Chapter held its 9th Annual Charity Golf Tournament on June 3, raising funds for Children's Hospital of the Kings Daughters, the Norfolk-based Children's Miracle Network Hospital.
- Bipartisan Data Privacy Bill Intro’d; NAFCU Expresses Objection
June 6, 2022Four members of Congress have unveiled draft bipartisan data privacy legislation, that seeks to create a comprehensive federal data privacy and security standard, but one CU trade group is objecting to its provisions.
- Credit Unions Show Mixed Credit Quality Trends in Q1
June 3, 2022Credit quality at U.S. credit unions was mixed during the first quarter, while community banks showed improvement in nonperforming assets and net charge-offs. Nonperforming assets at credit unions trended up year over year, but they were down from the linked quarter, according to S&P Global Market Intelligence data. Net charge-offs, meanwhile, were down from the year-ago period but were up sequentially.
- US Housing Market: House Prices Surge Over 20% YOY in March
June 3, 2022U.S. house prices accelerated to their highest year-over-year gain in over 35 years, as the S&P CoreLogic Case-Shiller U.S. National Home Price NSA index logged an annual increase of 20.6% in March, up from the previous month's 20.0% year-over-year growth. The index was up 2.1% from the previous month after seasonal adjustment.
- Efforts to Halt Credit Union-Bank Deals Squashed in Tennessee
June 3, 2022The bank lobby lost a battle in Tennessee, but it has not lost the war, as decisions regarding credit union purchases of banks in two other states remain outstanding.
- US FIs Fear Slowdown in Mortgage Activity as Rates Skyrocket
June 3, 2022As of May 27, the average rate for a 30-year fixed mortgage stood at 5.12% while a 15-year fixed rate was at 4.41%, up from between 2% and 3.5% for both throughout much of 2020 and all of 2021. Bankers are fearful of how rising rates will impact mortgage banking activity.
- Fed Starts Experiment of Letting $8.9 Trillion Portfolio Shrink
June 3, 2022The Federal Reserve is about to start shrinking its $8.9 trillion balance sheet, deploying a second tool along side higher interest rates to curb inflation, though officials don’t know just how effective it will be.
- Young Members Save Over $4.7M During National Youth Saving Challenge
June 3, 2022Young credit union members took the theme of “Save Small. Dream Big.” and made that a reality by depositing $4,799,110 into their savings accounts during the 2022 National Youth Savings Challenge™.
- CUNA Experience Learning Live! Conference Set for Oct. 2-5; Entries for ELLy Awards Sought
June 3, 2022CUNA Experience Learning Live! (ELL!) conference returns to an in-person format Oct. 2-5 in San Diego. The ELL! event is an annual opportunity for trainers to learn from industry experts and to be recognized with CUNA ELLy Awards for outstanding work.