Prices for FICO-issued mortgage credit scores for most in the lending industry will be increasing by 400% in 2023 — but the costs aren't rising as much for a small select group. According to a memo from the National Consumer Reporting Association obtained by National Mortgage News, FICO intends to group its customers into three tiers. Tier 1 consists of 46 lenders that will receive an increase of less than 10%, while the second tier is made up of six lenders, whose price for a credit score will increase by 200%. Every other originator is in the third tier and this group will see its prices rise by 400%.

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Financial institutions across the country are carefully monitoring the Consumer Financial Protection Bureau's appeal to the U.S. Supreme Court as the fate of the agency's funding, guidance and enforcement actions hang in the balance.

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The CFPB recently released its biannual Supervisory Highlights, which provides an overview of certain financial regulatory trends. The CFPB issues the Supervisory Highlights to provide insight on various compliance pitfalls and examination trends.

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The Virginia Credit Union League today issued the following statement on the passing of Rep. Donald McEachin. "We are saddened to hear of the passing of Rep. Don McEachin, a respected voice and dedicated champion for the Richmond area and south Central Virginia. Our thoughts and prayers go out to his family, friends and colleagues."

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ACH debit fraud involving account-to-account (A2A)/external transfer service is increasing with more credit unions reporting losses — several losses were six figures. Most of the cases involve fraudsters opening fraudulent accounts online, enrolling for online banking, and using A2A/external transfer service to pull funds from external accounts for deposit to the newly opened accounts.

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Your League is gearing up for a busy few weeks on the political front at both the state and federal levels.

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Credit union loans outstanding increased 2.1% in September, according to CUNA's latest Monthly Credit Union Estimates. That number is similar to the 2.0% increase in August of 2022 and above the 0.6% increase in September of 2021, CUNA said. 

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Forget digital assets. The whole idea can now be discarded following the collapse of prominent crypto exchange platform FTX, according to the president of the Federal Reserve Bank of Minneapolis. Neel Kashkari said there is corruption in crypto that won’t end with the downfall of FTX as the entire industry is “nonsense” and has no real-life use cases.

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Goldman Sachs is making a bid to standardize the way the financial industry talks about, tracks and invests in digital assets, according to a new report. The investment bank is set to unveil a data service created with global index provider MSCI and crypto data firm Coin Metrics that seeks to classify hundreds of digital coins and tokens so institutional investors can “make sense” of the new asset class, according to executives at the three firms, CNBC said.

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Comments on NCUA’s subordinated debt proposal and federal credit union bylaws proposal are among several proposals with comment deadlines in December. NCUA’s bylaws proposal would amend the Federal Credit Union Act to reflect the Credit Union Governance Modernization Act, signed into law this year. It would update the federal credit union member expulsion process.

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