Latest News & VACUL Headlines
- Interchange Fees May Come to a Head in Lame-Duck Congress
November 4, 2022The Credit Card Competition Act, a bill that aims to reduce the largest payment networks' leverage on interchange fees, could get new life after the midterm elections come to a close.
- NCUA should Ensure FHLBank ‘Negative Tangible Equity’ Issues are Resolved
November 2, 2022CUNA, the American Association of Credit Union Leagues (AACUL), and Leagues wrote to NCUA board members Wednesday urging the board to ensure that creditworthy credit unions with negative tangible equity are able to “quickly and efficiently” obtain necessary written requests for advances from NCUA to the Federal Home Loan Banks (FHLBanks).
- NAFCU Compliance Blog: The Fifth Circuit and the CFPB
November 2, 2022On October 19, 2022 the Fifth Circuit ruled that the CFPB was unconstitutional and that the 2017 Payday lending rule was therefore vacated. Since the ruling, the compliance team has heard about compliance professionals and credit unions questioning whether or not the CFPB would be abolished because of the ruling and how much weight they should give to CFPB rules/guidance.
- CUNA, NAFCU Have Thoughts on Proposed NCUA Budget
November 1, 2022While CUNA and NAFCU both applauded the NCUA’s transparency of its proposed 2023-2024 budget process, the trade groups submitted letters Friday to ask the agency to trim down the budget and, at the same time, find ways to not add new credit union regulations that could overburden the industry.
- Consumer Compliance Outlook Publication Now Available
November 1, 2022The latest issue of Consumer Compliance Outlook is now available for download. The latest edition includes regulatory updates, recent federal court opinions and a calendar of upcoming regulatory actions.
- Custodia Ruling Leaves Fed with No Good Options
November 1, 2022Custodia Bank's lawsuit against the Federal Reserve is not going away anytime soon, and the case will likely have major implications for the reach of the Fed's authority. The Fed's effort to have the suit dismissed from the U.S. District Court of Wyoming fell flat on Friday as Chief Judge Scott Skavdahl said it was appropriate for the court to consider why the Cheyenne, Wyoming-based digital asset bank has had to wait two years for a decision on its application for a master account.
- Delinquency Rate Reverses Course after Earlier Uptick
October 31, 2022Mortgage performance got back on track in August following a near-term increase in delinquencies during July, according to the latest CoreLogic report. The share of home loans late by more than 30 days or in foreclosure inched back down to 2.8% from 3% the previous month and also was 1.2 percentage points lower than a year earlier.
- CUNA Mutual Group: Trusted Partner, Dedicated Champion & Fierce Advocate for Virginia's Credit Unions
October 31, 2022In today's competitive business world, you need partners you can trust. For the past 80 years, Virginia’s credit unions have found a trusted partner, dedicated champion and fierce advocate in CUNA Mutual Group - soon to be rebranded TruStage.
- Deposit Runoff Among Large US Banks Persists in Q3
October 31, 2022Deposit runoff among the largest U.S. banks continued in the third quarter, with the majority of banks with between $100 billion and $1 trillion in assets reporting quarter-over-quarter declines in total deposits.
- CFPB Seeks Further Public Input on Big Tech Payment Platforms
October 31, 2022The CFPB is seeking additional public input on big technology companies and online payment platforms' acceptable use policies, including how they are assessing fines and penalties and whether they are adhering to key consumer protections. This is to broaden its understanding of risks faced by consumers and appropriate policy solutions. Additional details on the public comment period will be published by the regulator in a Federal Register notice.