Latest News & VACUL Headlines
- Credit Card Loans at US Banks Rise in Q4'21 Despite Slowed Consumer Spending
February 23, 2022Credit card loans at U.S. banks ticked up year over year during the fourth quarter of 2021 even though the omicron variant of the coronavirus slowed consumer spending.
- With Big Banks Leading the Way, J.D. Power Found Payment Processors Have ‘Stepped Up Their Games’
February 23, 2022A new study from J.D. Power has found payment processors have “stepped up their games during the past year with big banks leading the way,” and that has resulted in a significant surge in merchant services satisfaction.
- Call Report Modernization
February 23, 2022NCUA conducted a comprehensive review of Call Report and Profile data content. This included account codes, data fields, forms, and instructions. This effort began in 2016 and continued through 2021 and is known as the Call Report Modernization (CRM) project, and is separate from, but will complement NCUA’s Enterprise Solution Modernization (ESM) Program which is modernizing NCUA’s technology solutions to create an integrated examination and data environment.
- CFPB Interpretation of Convenience Fees Under FCDPA is Improper
February 23, 2022The Consumer Financial Protection Bureau’s strict interpretation of “permitted by law” in the Fair Debt Collection Practices Act is improper, and will deprive consumers’ of important, cost-saving choices, CUNA and other organizations wrote in a brief filed Tuesday in the 9th U.S. Circuit Court of Appeals.
- FinCEN Program Aids in Recovery of Over $1.1B in Losses
February 23, 2022FinCEN recently announced it has issued a Fact Sheet on its Rapid Response Program (RRP)—a collaborative partnership that leverages FinCEN’s relationships with law enforcement, U.S. financial institutions, and foreign financial intelligence units to help victims and their financial institutions recover funds stolen as the result of certain cyber-enabled financial crimes schemes, including business e-mail compromise. Through the collaborative efforts of the RRP, FinCEN has successfully assisted in the recovery of over $1.1 billion.
- Credit Unions Dip Toes in RTPs, Crypto
February 23, 2022With 2022 well underway, credit unions are finding the need to introduce competitive products and services is stronger than ever – and that collaborative partnerships are a key to success when launching a new offering.
- Letter to Credit Unions (22-CU-03) Special Purpose Credit Programs
February 22, 2022NCUA joined other federal financial institution regulatory agencies, in conjunction with the Department of Housing and Urban Development (HUD), the Federal Housing Finance Agency, and the Department of Justice (hereafter, the agencies) to issue an interagency statement to remind creditors of the ability under the Equal Credit Opportunity Act (ECOA) and Regulation B to establish special-purpose credit programs (SPCPs) to meet the credit needs of specified classes of persons. SPCPs are credit assistance programs for economically or socially disadvantaged consumers and commercial enterprises.
- Anticipation Rates Will Rise Soon Drives Big Jump in January Home Sales
February 22, 2022Likely driven by anticipation rates will rise, existing-home sales rose in January, making a “notable move upward following a previous month where sales declined,” according to the National Association of Realtors.
- Nussle to Congress: Open Capitol Hill
February 22, 2022As thousands of credit union activists prepare to travel to Washington for the Credit Union National Association Governmental Affairs Conference next week, CUNA President/CEO Jim Nussle is urging Congress to reopen Capitol Hill so the activists can easily meet face to face with elected officials.
- Merchants Payments Coalition Using UK Settlement to Demand Changes on U.S. Interchange Fees
February 22, 2022Merchants are making a renewed push for action on interchange fees. The Merchants Payments Coalition (MPC) is calling on officials in the United States to do something about credit card interchange fees following an announcement that Amazon has agreed to continue accepting Visa credit cards in the United Kingdom.