Latest News & VACUL Headlines
- CFPB Issues Advisory Opinion on Fair-Lending Laws
May 10, 2022The Consumer Financial Protection Bureau on Monday issued an advisory opinion affirming that the federal prohibition against discrimination in lending applies to all aspects of a credit decision — not just the application process.
- Evacuation Plans: A Safe Alternative
May 10, 2022If local officials suddenly issued an evacuation order for your area, would you be ready? Having detailed evacuation plans for all your branch locations can allow for staff, members, and other visitors to exit in the most efficient and safest manner.
- ATM Shimming, Fallback Transactions Back On The Rise
May 10, 2022ATMs are once again an easy target for fraudsters to capture card data – and, again, it is through shimming/skimming devices found on credit union-owned ATMs. Since the implementation of EMV/Chip cards, these devices have occasionally gone undetected leading to a large number of cards being compromised.
- Loan, Deposit Growth Slows YOY for US Community Banks in Q1
May 10, 2022Loan and deposit growth slowed year over year for U.S. community banks in the first quarter, a period in which seasonality typically affects loan demand and which this year was marked with uncertainties posed by rising interest rates and soaring inflation.
- CFPB Takes Action Against Bank of America
May 10, 2022On May 4, 2022, the Consumer Financial Protection Bureau (CFPB) announced a $10 million civil penalty and the filing of a consent order against Bank of America, N.A. (BoA) for actions taken in respect to out of state garnishments.
- CFPB’s Fair Lending Annual Report to Congress Focuses on Racial and Economic Equity Issues and COVID-19 Recovery
May 10, 2022The CFPB released its annual Fair Lending Report to Congress last week detailing important fair lending work undertaken in 2021, which focused on racial and economic equity issues and the COVID-19 recovery.
- Rising Rates Demand NCUA Raise Permissible Interest Rate Ceiling, NAFCU Tells Agency
May 9, 2022NCUA should immediately raise the permissible interest rate ceiling to mitigate unnecessary interest rate risks facing federal credit unions, NAFCU told the agency in a letter.
- TransUnion Reports Inflation’s Rise Hitting Non-Prime Borrowers Hardest; Offers Forecast for What’s Ahead
May 9, 2022As inflation continues to rise,non-prime borrowers – those consumers with the riskiest credit profiles – have generally experienced the greatest impact to their wallets, according to a new study.
- Regulators Look to Tame the New Financial ‘Wild West’
May 9, 2022The new sheriffs in town looking to tame what’s being described as the “Wild West” of finance—the cryptocurrency space—are, ironically, primarily in Europe, and many crypto-company leaders are none-too-happy with the new lawmen, according to a new report.
- Not Just 757: 948 Area Code Added for Hampton Roads
May 9, 2022The 948 code launched Monday in the Greater Hampton Roads region due to the limited availability of “757” numbers.