Latest News & VACUL Headlines
- NCUA Provides Updates on Annual Asset-Size Exemption Thresholds Under TILA
February 14, 2022A new regulatory alert from NCUA provides an update on the annual adjustments to asset-size exemption thresholds under the Truth in Lending Act (TILA) in effect for certain types of mortgage activity in 2022.
- US Credit unions Working Off Excess Liquidity
February 11, 2022Liquid assets, which are cash and cash equivalents plus investments maturing in one year or less, peaked in the first quarter of 2021. Liquidity totaled $402.56 billion at March 31, 2021, almost double from year-end 2019 as credit unions maneuvered their balance sheets for greater safety and flexibility. The liquidity ratio, which shows liquid assets as a proportion of total assets, rose to 20.4% from 12.9%.
- Kebede: January CPI Increases Household Expenses
February 11, 2022Prices increased slightly in January after showing signs of deceleration in December. Consumers felt the pressure on their household finances due to broad-based increases across several items such as food, utilities, housing, and health care.
- African American CU Coalition to Host Commitment to Change Webinar on Feb. 18
February 11, 2022The African America Credit Union Coalition will host the first webinar in its 2022 Commitment to Change Conversation Series on Feb. 18 at 1 p.m. To register, go here.
- First-Time Homebuyer Affordability at its Worst in 3 Years
February 11, 2022It’s getting harder to afford a home in the U.S. For first-time buyers, mortgage payments jumped to 25.6% of household incomes in the fourth quarter, the worst affordability level in three years, according to the National Association of Realtors. The share was 22.4% a year earlier.
- U.S. Consumers Stand to Save Billions from Banks' Overdraft Reforms
February 11, 2022In one of the first efforts to tally the impact of recent overdraft fee reforms, a new analysis finds that changes under way at just five banks could save consumers more than $2 billion annually. The sweeping changes come as large and midsize banks face pressure from both regulators and competitors to reduce their reliance on overdraft fees.
- Four Formidable Forces Shaping the Credit Union Digital Landscape
February 11, 2022Financial services continue to see rapid-fire developments that are creating an increasingly competitive environment. While there is seemingly no shortage of areas requiring the critical focus of credit union leadership, there are four common denominators that are together exerting transformational influence on the credit union digital landscape.
- BREAKING NEWS: Parity Measure Passes State Senate; On Fast Track to Passage in House
February 11, 2022Our parity powers legislation has passed the state Senate on a unanimous vote and is nearing passage in the House. Companion bills SB329 and HB209 will make the process easier for state-chartered credit unions to exercise the same powers as their federally chartered peers.
- Breaking Barriers in 2022: Roadmap to Growing Your Credit Union’s Financial Advisor Team in the Age of the Great Resignation
February 11, 2022For the last several months, workers have been quitting their jobs at or near record levels. According to the latest Job Openings and Labor Turnover Summary (JOLTS) release from the Bureau of Labor Statistics the quit rate increased to three percent in November of 2021.1 That matches the all-time high last seen in September. Much of this recent trend can be attributed to what is known as the Great Resignation. Many experts believe the COVID-19 global pandemic provided workers the opportunity to rethink their careers, long-term goals and work/life balance. This reflection has led to the mass exodus employers are now seeing.
- Banks to Cut Overdraft, Non-Sufficient Fund Fees in Response to Market Pressures
February 11, 2022Financial institutions including Wells Fargo & Co. and Bank of America Corp. are cutting overdraft and non-sufficient funds fees in 2022 as competitive pressure mounts from neobanks and regulators seek to increase their oversight of the issue. The banks are responding to the popularity of neobanks, which have amassed large valuations and tout accounts without fees. Officials from Wells Fargo and several other financial institutions said they are willing to sacrifice millions of dollars in fees to keep their customers and address concerns raised by regulators, including the Consumer Financial Protection Bureau.