Latest News & VACUL Headlines
- 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.
- Legislation Would Help CUs Close Economic Disparities
February 18, 2022One of the most important things that Congress could do to close economic disparities, promote financial inclusion, and help small businesses would be to ensure that federal law permits all federal credit unions to serve underserved areas, CUNA wrote to the Senate Banking, Housing, and Urban Affairs Committee Thursday.
- NCUA Approves CUNA/League Requested Extension of PCA Relief
February 18, 2022The NCUA board approved an interim final rule extending COVID-19 Prompt Corrective Action relief through the end of March 2023. CUNA, the American Association of Credit Union Leagues, and all Leagues wrote to NCUA calling on it to extend the rule before its scheduled March 31 expiration.
- DOJ Amping Up Crypto Scrutiny; Names Head of New Enforcement Team
February 18, 2022The Justice Department named a veteran cybersecurity prosecutor to lead a new team dedicated to investigating and prosecuting illicit cryptocurrency schemes carried out by cyber criminals and nation states including North Korea and Iran.
- CFPB to Accept Public Petitions for Rulemaking
February 18, 2022The CFPB is now accepting petitions for agency action submitted directly by members of the American public, according to a press release and a new portal that was opened last week. In support of this change, the Bureau cited to the U.S. Constitution's guarantee of the public's right to petition the government. This initiative represents the latest step by the CFPB in pursuit of its agenda to increase consumer input into its decisions and the transparency of its decision-making.
- Virginians Among Credit Union Innovators Selected for Filene's i3 Program
February 17, 2022Twenty-three of the credit union industry’s most innovative leaders come together to form the newest cohort of the Filene i3 Program, including Virginians Marella Nardotti, (NextMark Credit Union), Justin Stoddard (Chartway Credit Union) and Heidi Worker (Chartway Credit Union).