Latest News & VACUL Headlines
- Rep. Waters Introduces Legislation to Combat Appraisal Bias
March 30, 2022The House Financial Services Committee Tuesday held a hearing to examine bias and discrimination in the home appraisal process where Representatives recognized the seriousness of this topic and discussed how Congress, regulators, and other entities may be able to address appraisal bias more effectively. During the hearing, Chairwoman Maxine Waters, D-Calif., introduced the Fair Appraisal and Inequity Reform Act of 2022, which incorporates recommendations from the Biden Administration's Property Appraisal and Valuation Equity (PAVE) task force.
- Tidewater Chapter's April 14 Meeting Features Overview of Overdraft Services, Issues
March 30, 2022The Tidewater Chapter is pleased to announce that we’ll be featuring an Environmental Scan on Overdraft Services at our April Meeting. We look forward to being joined by, Shanda Reaves a current member of Filene’s i3 program.To register, please email Lindsey at lberry@1stAdvantage.org by April 8 at noon. The flyer has all of the details for the event.
- Expanded Anti-Discrimination Guidelines Create Compliance Challenge for US FIs
March 30, 2022Financial institutions are scrambling to comply with heightened anti-discrimination standards across a range of financial services after the federal consumer watchdog agency issued new guidelines without industry input.
- Strong Loan Growth, Margin Expansion Cannot Save US Bank Earnings in 2022
March 30, 2022Bank earnings will fall by 8.42% in 2022, S&P Global Market Intelligence projects in the newly released U.S. Bank Market Report, as an especially challenging year-over-year comparison will mitigate the benefits of higher interest rates.
- Omnibus Spending Package Includes 'Adjustable Interest Rate (LIBOR) Act'
March 30, 2022The Consolidated Appropriations Act, 2022 includes an important update via the Adjustable Interest Rate (LIBOR) Act, which addresses the replacement of the London Interbank Offered Rate (LIBOR) in existing contracts.
- Credit Unions are Best Way for Small Business to Access Services
March 30, 2022The Small Business Administration’s (SBA) government guaranteed lending programs epitomize successful public-private partnerships, CUNA wrote to the House Small Business Committee Tuesday. The committee conducted a hearing entitled “Catalyzing Economic Growth through SBA Community-Based Lending,” and CUNA noted its opposition to any proposals that allow SBA to implement a direct lending program.
- CUNA Calls for FY23 CDFI, CDRLF, CDP Funding
March 30, 2022CUNA wrote to the House Budget Committee Tuesday on appropriate funding levels for priorities important to credit unions and the communities they serve. President Joe Biden released his budget proposal Monday with several of those priorities addressed.
- CFPB: Overdraft Fees Can Price People Out of Banking
March 30, 2022In a blog post today, the CFPB takes aim at overdraft fees, noting that in 2019, banks and credit unions collected an estimated $15.5 billion through overdraft and non-sufficient funds fees. Overdraft fees can ultimately drive people out of banking altogether, charges the blog post.
- Three Rs of a Successful Consumer-Focused Overdraft Strategy
March 30, 2022It is undeniable that the overdraft service environment has changed in the last two to three years. In order to minimize the impact of industry changes and recent market shifts, now is a great time for credit unions to take a step back and re-evaluate their current overall overdraft strategy. Following are three key areas that can impact the degree to which your program meets consumer needs, simplify your next exam and help to avoid the risk of potential litigation, notes an article on CUInsight.
- Schenk: Expect Healthy Economic Growth
March 29, 2022CUNA economists say tomorrow should be much like today, but a little bit better. That’s what CUNA Chief Economist Mike Schenk told attendees of a recent CUNA Councils session, 2022 Economic Update.