Latest News & VACUL Headlines
- 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.
- CUs Meet With Gov. Youngkin; Note CUs' Importance in Helping Members Manage Current Economic Conditions
October 28, 2022Northwest Federal Credit Union CEO and League Vice Chairman Jeff Bentley and League Chief Advocacy Officer JT Blau met today with Gov. Glenn Youngkin at a breakfast event hosted by the Hunton Andrews Kurth, our lobbying firm.
- CFPB Issues Draft Proposals on Consumer Financial Data Sharing
October 28, 2022The Consumer Financial Protection Bureau (CFPB) Thursday commenced its rulemaking on personal financial data rights under section 1033 of the Dodd-Frank Act. The proposals and alternatives released Thursday are under consideration for the CFPB’s data rights rulemaking, but do not represent a proposed rule at this stage.
- CFPB ‘Junk Fee’ Guidance Ignores Credit Unions’ Focus on Members
October 28, 2022The Consumer Financial Protection Bureau (CFPB) issued guidance on “junk fees” this week that raise several concerns over the treatment of financial institution fees. The CFPB states overdraft and depositor fees likely violate the Consumer Financial Protection Act prohibition on unfair practices when consumers cannot reasonably avoid them.
- Pain to Follow GDP Gain, CUNA Predicting 'Growth Will Not Last'
October 28, 2022The U.S. economy rebounded in the third quarter after two quarters of small declines, but the happy music might be ending soon. “Healthy economic growth will not last,” says CUNA Chief Economist Mike Schenk . “The Federal Reserve’s recent aggressive policy response to stubbornly high inflation virtually guarantees that fourth-quarter output will decelerate — perhaps significantly.”