Latest News & VACUL Headlines
- Virginia Budget Deal Includes $4 Billion in Tax Cuts
May 31, 2022A proposed budget deal General Assembly negotiators reached this week would cut taxes by $4 billion over three years.
- Mortgage Payments Keep Rising by Around $100 Per Month
May 31, 2022The median obligation in purchase loan applications rose 8.8% to $1,889 in April from $1,736 in March, marking the third consecutive month with an average increase of roughly $100.
- Risk Alert: CFPB Focus on Credit Card Late Fees as Harmful to Low-Income Consumers
May 31, 2022The Consumer Financial Protection Bureau (CFPB) continues to identify issues where fees charged by financial institutions disparately impact consumers. Low-income areas and areas with lower economic mobility tend to bear more of the burden from credit card late fees. Credit unions should consider available risk mitigation strategies as they evaluate such fees.
- New Bank, Credit Union Diversity Leaders Share Their Top Ideas
May 31, 2022Credit unions and community banks are doubling down on diversity, equity and inclusion initiatives, both internally and as part of their communities.
- Virginia Budget Compromise Gives Gov. Glenn Youngkin Partial Win
May 27, 2022House and Senate negotiators working overtime on the state budget announced a deal Thursday that would provide $4 billion in tax cuts, boost salaries for teachers and state workers, and plow hefty sums into affordable housing, school construction, health and water quality. Their proposed budget bill, which still needs approval from the full House and Senate and ultimately Gov. Glenn Youngkin (R), would give the governor a partial victory on the tax cuts he vowed to deliver on the campaign trail last year.
- CFPB Presses Big Card Issuers on Their Credit Reporting Practices
May 27, 2022The Consumer Financial Protection Bureau is questioning the largest U.S. credit card issuers about the data they provide to credit bureaus, saying that shifts in industry practices may be hurting consumers’ ability to get cheaper loans.
- Financial Inclusion Bill Could Reignite Credit Union-Bank Conflict
May 27, 2022The trend of credit unions buying banks has grabbed a lot of attention in recent years, but two other key issues have raised tensions between the two industries. Bankers have long opposed attempts by credit unions to expand their field-of-membership and their business lending capabilities, but proposed legislation would open the door to both.
- CUNA Files FOIA Request with CFPB Over Section 1071 Implementation
May 27, 2022CUNA and other organizations filed a Freedom of Information Act (FOIA) request with the Consumer Financial Protection Bureau (CFPB) Thursday on the bureau’s implementation of section 1071 of the Dodd-Frank Act.
- Senators Introduce Bipartisan CU Board Governance Update
May 27, 2022A bipartisan group of Senators introduced a bill to update credit union board meeting requirements. The bill has a bipartisan House companion, introduced in March.
- CUNA Backs Bipartisan Remote Online Notary Bill
May 27, 2022Current notary requirements requiring the physical presence of the signer are often impractical, particularly with COVID-19 related distancing practices, CUNA and other organizations wrote Thursday. The organizations wrote in support of the Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act (H.R. 3962).