Latest News & VACUL Headlines
- Crossing $10B in Total Assets Still Rare for US Credit Unions
April 7, 2022Sitting above $10 billion in total assets is an exclusive club for credit unions, with only 19 out of 5,019 operating credit unions in the U.S. above the critical threshold, compared to 155 out of 4,682 top tier U.S. banks at Dec. 31, 2021, excluding nondepository trusts.
- Minnesota Regulator Rejects Credit Union-Bank Deal; Seventh State to Stifle Such Deals
April 7, 2022The Minnesota Department of Commerce denied Eau Claire, Wis.-based Royal CU's proposed acquisition of Lindstrom, Minn.-based Lake Area Bank after concluding that a Minnesota state-chartered bank may be acquired only by another bank, savings bank or trust company under Minnesota law, ABA Banking Journal reported April 4.
- Senate Banking Committee Chair Urges Fed, OCC to Review Big Bank M&A Oversight
April 7, 2022Senate Banking Committee Chairman Sherrod Brown, D-Ohio, urged the Federal Reserve Board and the Office of the Comptroller of the Currency to join the Federal Deposit Insurance Corp. in reviewing and reconsidering their approach to big bank mergers. Read more
- Yellen Calls for 'Comprehensive' Crypto Regulations
April 7, 2022Treasury Secretary Janet Yellen outlined the Treasury Department’s approach to regulating digital assets, marking the first time she’s substantially laid out her thoughts on the issue since President Biden’s executive order last month.
- Who Deserves to Know About Bank Cyber Threats?
April 7, 2022As banks prepare for new rules governing when cybersecurity attacks must be reported to federal regulators, a new survey shows customers and the general public are still left in the dark about many threats.
- Toomey Unveils Stablecoin Bill Granting OCC Authority for Payments Charter
April 7, 2022The top Republican on the Senate Banking Committee unveiled legislation that would create a new federal license for stablecoin issuers and set baseline standards for consumer protection.
- Democratic State AGs Call on Four Big Banks to Eliminate Overdraft Fees
April 7, 2022More than a dozen Democratic attorneys general called on four major banks to scrap overdraft fees, saying they should join a small number of competitors by eliminating the “harmful junk fees.”
- CU Trades, Consumer Groups Ask Congress to Regulate Fintech Competition
April 7, 2022NAFCU and CUNA were among 11 banking and consumer groups that sent a letter to Congress to close a loophole that allows some companies to evade regulation the groups said is necessary to protect consumers and the financial system.
- Credit Unions Face Historic Pressure to Make Loans
April 7, 2022Two years since the start of the pandemic, the coronavirus's impact is still taking its toll on credit unions' balance sheets. A combination of members socking away savings and being hesitant to borrow because of the economic uncertainty surrounding the pandemic led to the lowest yield-on-asset ratio in credit union history.
- NCUA, FDIC to Co-Host Webinar on Fin Ed
April 7, 2022NCUA and the FDIC will co-host a webinar focused on youth workforce practitioners and the banks and credit unions that develop them on April 14 at 1 p.m. For more info, go here.