Latest News & VACUL Headlines
- Credit Card Interest Rates Hit Record High
November 15, 2022The cost of carrying a balance on your credit card is now the highest it's been in more than 30 years. According to survey data from Bankrate.com, the average credit card interest rate has climbed to 19.04%.
- Rise in Credit Card Balances is the Largest in More Than 20 Years
November 15, 2022U.S. households increased their credit card balances substantially in the third quarter, with inflation forcing some consumers to borrow to cover extra expenses. Credit card balances rose more than $38 billion, or 15%, from a year ago, the largest increase in more than 20 years, according to a new report from the Federal Reserve Bank of New York. The year-over-year increase is "substantial," New York Fed researchers said on a call with reporters Tuesday.
- Wall Street Tests Crypto Dollars with Fed, Defying FTX Gloom
November 15, 2022A Federal Reserve Bank of New York unit will partner with almost a dozen banks and other financial institutions to test out digital dollars, a sign that Wall Street intends to push ahead with its cryptocurrency agenda despite recent upheaval in the market.
- CISA Cyber Incident Reporting Requirements are ‘Beneficial Steps’
November 15, 2022Cyberattacks and cybersecurity vulnerabilities pose significant threats to the financial system and CUNA is dedicated to supporting cybersecurity practices that mitigate these risks.
- Appeals Court Blocks Biden’s Student-Loan Forgiveness Program
November 15, 2022A federal appeals court ordered a halt to the Biden administration's plan to forgive hundreds of billions of dollars in student debt, in response to a suit filed by six states to challenge the debt relief, The Wall Street Journal reported. Last week, U.S. District Judge Mark Pittman in Texas ruled that the government's student loan forgiveness plan is unlawful.
- FTX’s Downfall Shows CFTC Needs More Crypto Sway, Chairman Says
November 15, 2022The collapse of Sam Bankman-Fried’s FTX crypto exchange adds urgency to a Washington push to transform the Commodity Futures Trading Commission into a top crypto watchdog, according to the head of the derivatives regulator.
- NCUA Chairman Harper Testifies on State of the Credit Union Industry at Senate Hearing
November 15, 2022NCUA Chairman Todd M. Harper, along with other financial regulatory agency principals, testified today at a hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
- NCUA Board Meeting Thursday Has Light Agenda
November 15, 2022When the NCUA Board meets on Thursday the agenda will be a brief one, with only a quarterly briefing on the Share Insurance Fund (SIF) on the agenda. During the agency’s previous SIF briefing, the fund’s assets totaled $20.3 billion – a decline of $320.2 million from the first quarter of 2022 primarily due to an unrealized loss in Treasury investments. The six-month projection of the equity ratio was 1.30% for the period ending Dec. 31, 2022.
- NAFCU Calls Attention to CU Priorities Ahead of Hearing with NCUA’s Harper
November 15, 2022The Senate Banking Committee today will hold an oversight hearing with federal financial regulators’ leaders, including NCUA Chairman Todd Harper. Ahead of the hearing, NAFCU sent a letter detailing legislative priorities for credit unions to ensure they can effectively serve their members and operate in a fair regulatory environment.
- League Announces Winners of State-Level Social Responsibility Awards
November 15, 2022The Virginia Credit Union League was proud to present the 2022 state-level Dora Maxwell Social Responsibility Community Service Award, the Louise Herring Philosophy-in-Action Member Service Award and the Desjardins Awards for Financial Education at a recognition ceremony on Nov. 10 in Richmond. The awards are given annually at the state and national levels, with credit unions competing in categories based on their total assets.