Latest News & VACUL Headlines
- 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.
- CFPB: Help Available to Homeowners Struggling to Make Housing-Related Payments Due to the Pandemic
February 11, 2022The CFPB posted a blog entry today on the Homeowner Assistance Fund. The Homeowner Assistance Fund (HAF) was established by the American Rescue Plan Act to help homeowners financially impacted by COVID-19 with housing-related costs. This federal assistance program provides money to states, Tribes, territories, and the District of Columbia to assist homeowners with housing-related costs. The Virginia program is available.
- Digital Assets, Ledger Technology Need 'Substantial Regulation'
February 9, 2022Credit unions have significant concerns with the potential for cryptocurrency and digital asset platforms to exploit regulatory loopholes if not subject to substantial regulation, CUNA wrote to the House Financial Services Committee Tuesday.
- Confirmed for the Inclusiv CDFI CU Roundtable at GAC: Senator Mark Warner
February 9, 2022Inclusiv welcomes Senator Mark Warner, D-VA as a speaker at Inclusiv's CDFI CU Roundtable at the 2022 GAC! Senator Warner has been a staunch advocate in our financial inclusion and community development movement, championing various initiatives for the recovery of underserved communities from the COVID-19 pandemic, including the passing of $12 billion dollars in funding to support CDFIs and MDIs.
- NCUA Transfers Publications Ordering to Government Publishing Office
February 9, 2022The National Credit Union Administration announced today that it will transfer the sale and distribution of NCUA publications to the United States Government Publishing Office (GPO).
- CISA Issues Alerts Relating to Russian Cyberthreats, Ukraine Cyber Incidents
February 9, 2022The U.S. Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) issued two alerts addressing risks from Russian State-Sponsored cyber threats and highlighting recent malicious cyber incidents suffered by public and private entities in Ukraine.