Latest News & VACUL Headlines
- The Future of Auto Lending
December 8, 2021The auto industry is changing. It is predicted that by 2035, autonomous vehicles (AVs) will make private car ownership a thing of the past. If AVs are proven to be safe and reliable there may be a shift from private car ownership to ride sharing or cars-as-a-service model. If ride sharing becomes the choice option for consumers it will impact credit unions’ auto loan portfolios.
- NCUA’s Annual Voluntary Credit Union Diversity Evaluation, Self-Assessment Tools
December 7, 2021The NCUA’s Self-Assessment reflects guidance for advancing workforce and supplier diversity and identifies best practices for demonstrating a commitment to diversity and inclusion. When made a priority, diversity and inclusion can help your credit union grow and better serve your membership. Learn more
- Nation's CUs Reach $2 Trillion in Assets, 128.6 Million Memberships
December 7, 2021The nation's credit unions hit significant milestones as at the end of the 3Q2021. Total assets in federally insured credit unions rose by $231 billion to $2.02 trillion. Federally insured credit unions added 4.9 million members over the year, and credit union membership in these institutions reached 128.6 million in the third quarter of 2021.
- CFPB Issues Final Rule to Facilitate Transition from LIBOR
December 7, 2021The Consumer Financial Protection Bureau (CFPB) today finalized a rule facilitating the transition away from the LIBOR interest rate index for consumer financial products. The rule establishes requirements for how creditors must select replacement indices for existing LIBOR-linked consumer loans after April 1, 2022.
- League Receives Reply from DOLI on Vaccine Mandate Question
December 7, 2021The state Department of Labor and Industry has replied to a League letter asking that costs associated with COVID testing under the federal Occupational Safety and Health Administration's (OSHA) Emergency Temporary Standard not be borne by those state's employers that would fall under the ETS.
- CFPB Allows Debt Collectors to Use Social Media
December 7, 2021A new rule allows debt collectors to contact consumers on social media, text or email — not just by phone.
- Breaking News! Overdraft, NSF Fees Scrutiny Enhanced by CFPB
December 6, 2021The Consumer Financial Protection Bureau (CFPB) recently communicated that they’ll be enhancing its supervisory and enforcement scrutiny of financial institutions that are heavily dependent on overdraft and non-sufficient funds (NSF) fees. See also: CFPB Takes Aim at Overdraft Fees
- Overdraft / NSF Fee Lawsuits Target Reg E’s Model Opt-in Form
December 6, 2021In overdraft / NSF fee lawsuits alleging credit unions improperly charged overdraft and/or NSF fees, plaintiffs’ attorneys have started targeting Reg E’s Model A-9 opt-in form for paying overdrafts from ATM and one-time debit card transactions. Read the CUNA Mutual Group Risk Alert.
- Regulators update BSA/AML Examination Manual
December 6, 2021The Federal Financial Institutions Examination Council (FFIEC) released one new section and updates to three sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual.
- Cyberattacks Threaten Stability of Interconnected Financial Services
December 6, 2021The danger of a cyberattack capable of generating a financial crisis is growing. Experts fear that the digital interconnectedness of the financial services industry means that a successful hack of a company could spur a domino effect.