Latest News & VACUL Headlines
- FHFA Finalizes Public Disclosure Rules for Freddie Mac, Fannie Mae
May 27, 2022The Federal Housing Finance Agency issued its final rule regarding public disclosure requirements for Fannie Mae and Freddie Mac on corporate governance, risk management, capital structure and capital requirements, aligning the government-sponsored enterprises with what large banks already do.
- Virginia Credit Union to Open Carytown, Scott’s Addition Branches in Richmond
May 27, 2022On the heels of its first expansion into Carytown, Richmond’s largest credit union is on the move again in the city. Virginia Credit Union recently inked a lease for its first branch in Scott’s Addition.
- Loan Growth Ramping Up at US Credit Unions
May 27, 2022U.S. credit unions booked their highest quarterly loan growth in more than a decade in the first quarter.
- CUNA Supports Long-Term Authorization of National Flood Insurance Program
May 26, 2022CUNA strongly supports efforts to pass a long-term reauthorization of the National Flood Insurance Program through 2027, it wrote to the House Financial Services Subcommittee on Housing, Community Development, and Insurance Wednesday.
- Hood: No Need to Raise NCUSIF Operating Level
May 26, 2022Federal credit unions’ strong financial performance precludes the need to raise the NCUSIF normal operating level from 1.33% of insured shares, NCUA Board Member Rodney Hood told attendees at the 2022 CUNA Finance Council Conference.
- Check Your Credit Union’s Compliance with New CFPB Rules
May 26, 2022Any credit union professional whose job involves the collection of consumer debts – whether as a collector or as one who supervises collectors – needs to understand these new rules. They affect telephone and electronic communications, time-barred debt, debt validation notices and record retention.
- IRS Interest Rates Increase for the Third Quarter of 2022
May 26, 2022The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning July 1, 2022.
- CUNA, League-Supported FOM Modernization Bill Passes House Financial Services Committee
May 26, 2022The House Financial Services Committee advanced the CUNA-League-led H.R. 7003, Expanding Financial Access for Underserved Communities Act with a 27-22 vote. The bill represents the most significant proposed update to the Federal Credit Union Act since 1998.
- NCUA Notes NCUSIF Performing Well, But Agency Will Remain Vigilant
May 26, 2022The National Credit Union Share Insurance Fund reported a net income of $54.4 million and a net position of $20.4 billion for the first quarter of 2022. The Fund’s total assets decreased to $20.6 billion at the end of the quarter from $20.7 billion at the end of the fourth quarter of 2021.
- GAO: Congress Should Consider Enhancing Protections Around Scores Used to Rank Consumers
May 26, 2022Companies increasingly use numeric scores to predict how consumers will behave. Scores are based on hundreds of pieces of information about a person's purchases, consumer characteristics, and more. Scores are used to target ads, to help companies collect debts from consumers, to assess the likelihood of criminal behavior and flight risk, and more. Unlike traditional credit scores, these scores may not be subject to consumer protection laws.