Latest News & VACUL Headlines
- Virginia Credit Union League, Dynamic Quest in New Partnership to Provide CUs with IT Assistance
July 13, 2023Recognizing credit unions’ need to manage increasingly complex digital environments, the Virginia Credit Union League is pleased to announce its new partnership with Dynamic Quest, a managed information technology service provider, specializing in delivering stable, secure and reliable IT solutions.
- US Credit Unions' 2022 Mortgage Originations Fall YOY
July 13, 2023The US credit unions with the most mortgage originations posted a year-over-year decline in funded loans and the loan approval rate. Funded loans fell 17.2% in 2022 from a year earlier, while the loan approval rate dropped by 2.1 percentage points, based on recently released Home Mortgage Disclosure Act data compiled by S&P Global Market Intelligence. Overall the credit union industry funded 1.3 million loans in 2022 with an approval rate of 61.23%.
- CUNA’s Latest FedNow Webinar Scheduled for July 13
July 12, 2023CUNA’s latest webinar on the FedNow service will be held at 3 p.m., July 13, and is free to CUNA members. The webinar, “Explore FedNow Service Benefits and Use Cases for Your Credit Union” is part four of CUNA’s FedNow webinar series.
- On-Demand Webinar & Live Q&A: Technology and Physical Security
July 12, 2023Listen now as Michael Petrone — a TruStage consultant with 37+ years of risk management experience — shares insights on how technology and the digital revolution are transforming how we can manage physical security risks in this 30-minute on-demand webinar.
- NAFCU Compliance Blog: Indirect Lending - Compliance Risk Considerations
July 12, 2023From time to time, the NAFCU Compliance Team receives questions from our members regarding indirect lending arrangements. Such partnerships with third parties present plenty of opportunity to credit unions, by helping to connect credit unions with potential borrowers (and thus potential members). However, there are also some compliance risk considerations that come into play as well. Let’s go back to basics and review indirect lending, particularly in the context of the non-member applicant.
- Deja Vu All Over Again: CFPB Fines Big Bank for Opening Fake Accounts
July 11, 2023CFPB enforcement actions are a good opportunity to review your credit union's policies, procedures and practices to make sure you don't run afoul in these areas. Let's review CFPB's enforcement action against Bank of America for double-dipping on NSF fees, withholding cash and points rewards on credit cards, and using customer information to open unauthorized accounts.
- Dominion Energy Credit Union Announces New President/Chief Executive Officer
July 10, 2023Dominion Energy Credit Union is pleased to announce the selection of Afua Essandoh as the Credit Union’s new President/Chief Executive Officer.
- Leagues, CUNA and NAFCU File Brief with U.S. Supreme Court on CFPB’s Leadership, Funding Structures
July 10, 2023The American Association of Credit Union Leagues (AACUL), the Credit Union National Association (CUNA), and the National Association of Federally-Insured Credit Unions (NAFCU) have jointly filed an amicus brief with the U.S. Supreme Court as the nation's highest court is set to hear a case that might well decide the future of the Consumer Financial Protection Bureau.
- CFPB Report Shows Late Fees are Not a Top Complaint — for a Reason
July 7, 2023CFPB Director Rohit Chopra is staking his tenure at the agency on a radical plan to wipe out $9 billion a year in consumer costs by cutting credit card late fees to just $8, down from the current first-time maximum of $30.
- Regulatory Compliance Weekly Roundup: July 7, 2023
July 7, 2023Here's a quick recap of some of this week's regulatory highlights, including news from the NCUA and CFPB.