Latest News & VACUL Headlines
- Aggressive Fed Throws Wrench into FIs' Deposit-Cost Plans
May 13, 2022Financial institutions started the year thinking they could hold off on raising the deposit rates they pay to customers, but a more aggressive Federal Reserve is starting to change that calculus.
- Remote Notarization Becoming a Must-Have Offering?
May 13, 2022Notarizing documents entirely over video was a matter of safety at the beginning of the pandemic, when people were eager to refinance their homes or take out loans but hesitant to congregate in person. Now, it’s about convenience and efficiency.
- Chopra's Expansive Vision for CFPB Authority is Facing Industry Pushback
May 13, 2022A dizzying number of policy changes and enforcement actions by the Consumer Financial Protection Bureau in recent weeks has prompted aggressive pushback from banks and industry executives.
- Four Ways Cannabis Banking Could Cross the Finish Line in 2022
May 13, 2022The legalization of cannabis banking looks as likely as ever, but the road lawmakers will take to get there remains an open question. After years of stasis, many policy analysts are suddenly bullish on the reform’s odds of passage.
- Nacha's Payments Innovation Alliance Releases Guide Addressing Contractual Considerations of Voice Payments
May 12, 2022Nacha's Payments Innovation Alliance has created a legal and risk mitigation resource guide for financial institutions seeking to implement voice payments capabilities and applications (skills) through smart devices, such as the Amazon Echo and Google Nest.
- House Passes CUNA-Backed Fair Hiring Bill
May 12, 2022The House passed the CUNA-supported Fair Hiring in Banking Act (H.R. 5911) Wednesday. The bill would replace the current ban on those interested in working in the banking sector with previous minor criminal records.
- Overdraft Fees, NCUA Oversight of Vendors Comes Up During Another Senate Hearing
May 12, 2022The issue of overdraft fees raised its head in yet another Senate hearing, as did questions around cybersecurity risks to credit unions. Both issues were raised during a Senate Banking, Housing, and Urban Affairs Committee hearing focused on the Financial Stability Oversight Council’s (FSOC) report to Congress.
- Senate Confirms Jerome Powell to Second Term as Federal Reserve Chair
May 12, 2022The Senate confirmed Federal Reserve Chair Jerome H. Powell to a second term leading the central bank on Thursday, as he faces the enormous task of slashing the highest inflation in 40 years without sending the country into a recession. The Senate supported Powell to another four year term by a vote of 80-19. The Senate also confirmed the nominations of Lisa Cook and Philip Jefferson to seats on the Fed Board of Governors
- 41 Credit Union Mergers Approved by NCUA First Quarter 2022
May 11, 2022Credit union mergers continued their upward pace with 41 consolidations approved by the NCUA during 2022’s first quarter. This number is higher than the 33 approved mergers during 2021’s first quarter, according to the federal agency’s Q1 Merger Activity and Insurance Report released last week.
- NCUA and CDFI Fund Hosting Webinar on Community Development Resources for Credit Unions
May 11, 2022Credit unions seeking resources for community development investments are encouraged to participate in a June 2 webinar hosted by the National Credit Union Administration and the Community Development Financial Institutions Fund. Online registration for the webinar is now open.