Latest News & VACUL Headlines
- House Committee to Mark Up Field-of-Membership Modernization Bill
May 16, 2022The House Financial Services Committee will mark up CUNA and League-supported the Expanding Financial Access to Underserved Communities Act starting Tuesday. The bill was introduced in March by Chairwoman Maxine Waters, D-Calif., in the days after the 2022 CUNA GAC.
- NCUA Already Has All the Third-Party Oversight Tools it Needs, NAFCU Tells Committee
May 16, 2022Ahead of a hearing at which an NCUA executive again called for Congress to provide the agency with third party oversight authority, NAFCU reiterated its opposition to NCUA being given such expanded authority.
- Interest Rate Increases to Cost Consumers $3B in Extra Card Interest; Plus, What Worries Cardholders
May 16, 2022Already worried about inflation and higher costs for everyday goods, Federal Reserve rate increases will cost Americans more than $3 billion in interest on credit cards this year, according to a new analysis.
- Value of Digital Wallets to Exceed $12 Trillion by 2026, New Study Forecasts
May 16, 2022The value of digital wallets transactions will exceed $12 trillion in 2026, from $7.5 trillion in 2022, according to a new study from Juniper Research. To capitalize on this substantial growth, the research predicts leading digital payment vendors will diversify their payment products to include new solutions, such as buy-now-pay-later and cryptocurrencies. Digital wallets are software-based systems that securely store users’ payment information for many payment methods in one location.
- First Mortgage Portfolio Niche Lending: Current Trends and Opportunities
May 16, 2022Are you making the absolute most of your ability to portfolio lend? We have already seen a dramatic increase in mortgage rates from the historic lows of the past few years. If rates continue to increase over the next few years, loans will become more expensive for your members – and this will put pressure on your credit union’s growth.
- NAFCU Compliance Blog: Federal Regulators Issue Revised Interagency Flood Insurance Q&As
May 16, 2022The Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), the Farm Credit Administration (FCA), and the National Credit Union Administration (NCUA), have issued their revised interagency flood insurance questions and answers!
- Bill Debuts in Senate That Would Create $2B Emergency Fund for CDFIs
May 13, 2022A dozen senators led by Senator Brian Schatz (D-HI) have introduced legislation in the Senate Banking, Housing and Urban Affairs Committee that would create a new $2-billion emergency fund for community development financial institutions (CDFIs).
- Redirecting the Focus of Ransomware in Our Credit Unions
May 13, 2022With ransomware no longer being a possibility, but a guarantee, CUs must be proactive and keep detection top of mind.
- Yellen Calls for Stablecoin Regulation
May 13, 2022Treasury Secretary Janet Yellen reiterated her call for Congress to regulate stablecoins following a significant decline this week in TerraUSD, The Wall Street Journal reported.
- NCUA Details Its AI Programs, Asks Congress for Third-Party Vendor Authority
May 13, 2022During a Friday hearing on Capitol Hill about artificial intelligence (AI) and RegTech, an official with the NCUA testified about the AI challenges facing the agency and the growing need for approval from Congress for the NCUA to have third-party vendor authority over those organizations supplying AI technology to credit unions.