Latest News & VACUL Headlines
- CFPB Warns of Possible Direct Dispute Violations
November 16, 2022Credit reports – a wealth of information about a person’s financial habits that can serve as the determining factor in credit decisions or even employment decisions or background checks. Given the outsized impact a credit report can have on a person’s life, it’s important that the information contained in the credit report be accurate, and that credit unions handle disputed information appropriately. Last week the Consumer Financial Protection Bureau (CFPB or bureau) provided guidance on this topic by publishing a new consumer financial protection circular on the topic of consumer reporting disputes.
- Chartway Congratulates Two Board Members
November 16, 2022Chartway is proud to congratulate two board members – E. L. “Lou” Gull, Jr. and Steve Warnecke. Long-time volunteer, Gull, retired from the board following 41 years of service and moved to emeritus status on Nov. 11, 2022. Warnecke, who previously served as an associate director, began serving as a board member on Nov. 14, 2022.
- Risk Alert: Implementing Trusted Contacts in the Fight Against Fraud
November 16, 2022Enabling a Trusted Contact(s) designated by the member that could be notified when the credit union has concerns about account activity, transaction requests, or other concerns related to the account is one risk mitigation tool you can use to help prevent financial exploitation. The Consumer Protection Financial Protection Bureau (CFPB) has made voluntary recommendations that financial institutions consider utilizing a Trusted Contact program to counter the frequent elderly exploitation schemes.
- 3 Virginia Credit Unions Among National Social Responsibility Award Winners
November 15, 2022CommonWealth One Federal Credit Union, Chartway Credit Union and Virginia Credit Union captured national awards in the 2022 CUNA/Leagues Social Responsibility Awards.
- Lenders Face Uncertain Legal Risks Amid PPP Fraud Investigations
November 15, 2022As the number of investigations into Paycheck Protection Program loan fraud grows, experts are split on whether the first-ever penalty against a participating bank is likely to be the start of a trend.
- Key Issues Intact in Custodia-Fed Lawsuit Over Master Accounts
November 15, 2022Key issues in the Custodia case concerning the nature of regional reserve banks, the structure of the Federal Reserve System and the process for obtaining access to the Fed's payment systems are all fit for trial, U.S. District Court of Wyoming Judge Scott Skavdahl ruled Friday.
- 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.