Latest News & VACUL Headlines
- US Banks See 188 Net Branch Closings in February
March 25, 2022U.S. banks and thrifts opened 72 branches and permanently closed 260 in February, leaving the total number of active branches at 80,481, according to S&P Global Market Intelligence data.
- U.S. Senate Democrats Press Banks to Scrap Overdraft Fees
March 25, 2022A group of U.S. Senate Democrats is pressing large U.S. banks to scrap or significantly reduce overdraft and other fees they charge customers with insufficient funds.
- CUNA HR & Organizational Development Council Conference Addresses Current Industry Issues and Challenges
March 25, 2022The CUNA HR & Organizational Development Council Conference Committee knows first-hand that HR leaders and associates have dealt with a slate of challenges unlike most other disciplines in the industry. The conference will be held April 24-27 at Hilton Orlando Lake Buena Vista.
- Measures Risk Understating Housing Costs
March 25, 2022Federal Reserve Governor Christopher Waller said longer-run structural issues will continue to put upward pressure on home prices and rents even as the central bank begins a campaign to raise borrowing costs.
- CFPB Expands UDAAP Reach to Include Discrimination
March 25, 2022On March 16, 2022, the CFPB published a revised examination procedure guide (Guide) for unfair, deceptive, or abusive acts or practices (UDAAP). In its press release, the CFPB states that the agency is now targeting discrimination as an unfair practice in connection with all financial products and services and not just credit products. This is a serious change in the CFPB’s stance on UDAAP and discrimination. As such, credit unions may want to review the Guide and their own practices to understand how this change may affect their business.
- PAVE Action Plan Includes Reconsideration of Value Steps
March 24, 2022The interagency task force on Property Appraisal and Valuation Equity released its Action Plan to Advance Property Appraisal and Valuation Equity Wednesday morning. CUNA has engaged with the agencies that compose PAVE on the need for assessing racial and other bias in the appraisals process.
- Investment Banks Capitalize on Surge in Credit Union-Bank M&A Deals
March 24, 2022Investment banks are reaping the benefits of a recent surge in U.S. credit union-bank M&A deals.
- CFPB Warns Against Trying To Manipulate Customer Reviews
March 24, 2022The Consumer Financial Protection Bureau is warning banks and other financial services firms against attempting to manipulate the reviews that consumers leave about them online, stressing that honesty is the best policy when it comes to customer feedback. Read more
- Risk Alert (22-RISK-01) Heightened Risk of Social Engineering and Phishing Attacks
March 24, 2022The ongoing conflict in Ukraine has raised concerns about potential cyberattacks in the U.S., including those against the financial services sector. All credit unions and vendors, regardless of size, are potential targets for cyberattacks. Read the Risk Alert
- Rise in Wire Fraud Partially Attributed to Exhausted Homebuyers
March 24, 2022With potential buyers becoming more desperate to secure a property, the hot housing market has been a driving force in the increase in wire fraud and other Internet crime schemes, the head of a title industry verification company said.