Latest News & VACUL Headlines
- US Banks' Q1 Auto Loans Show Steady Sequential Growth
June 1, 2022U.S. banks' collective auto loan portfolio grew at a modest pace in the first quarter despite the automotive industry facing significant supply chain challenges. The banking industry's auto loan portfolio rose at a steady pace of 1.4% to $545.12 billion in the first quarter on a sequential basis, according to an analysis by S&P Global Market Intelligence.
- Credit Card Delinquencies, Charge-Offs Stay Muted as Consumers Pay Down Balances
June 1, 2022Credit cardholders have remained in good shape as they pay down their balances more than they did before the COVID-19 pandemic, top executives of major U.S. credit card issuers said.
- League Hosting Legislative Receptions in Richmond, Roanoke, Waynesboro, Hampton Roads in August; Register Now
June 1, 2022Your League is hosting legislator receptions in Roanoke, Richmond and Greater Hampton Roads in August. These events are free to attend, but we do ask that you register to aid us in planning.
- BayPort Credit Union Wins Industry CUNA Marketing Award for Checking Campaign
June 1, 2022BayPort Credit Union is pleased to announce it was honored with a Diamond Award by the Credit Union National Association (CUNA) Marketing and Business Development Council for Excellence in Marketing at the March 2022 Council Conference.
- FFELP Student Loan Borrowers: Take Full Advantage of Fixes to Income-Driven Repayment
May 31, 2022Under income-driven repayment (IDR) plans, federal student loan borrowers can have the remaining balance of their student loans forgiven after 20 or 25 years of qualifying payments. On April 19, the Department of Education (ED) announced that it will give borrowers credit toward loan forgiveness for some months that were not counted previously.
- 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.