Latest News & VACUL Headlines
- Credit Union Day at the General Assembly Jan. 19: Register Today!
October 28, 2022Credit Unions: Join us in Richmond on Jan. 19 for Credit Union Day at the Virginia General Assembly!
- Percentage of Unbanked Households Hits New Low in Survey
October 27, 2022The percentage of U.S. households who do not have a bank or credit union account declined 0.9 percentage points to 4.5%, or approximately 5.9 million from 2019 to 2021, according to the biennial National Survey of Unbanked and Underbanked Households by the FDIC.
- CU Leaders ‘Modestly’ More Optimistic on Future, New NAFCU Survey Finds
October 27, 2022Credit union leaders’ outlook on the future of the economy and their credit union improved “modestly” in September, NAFCU reported.
- CFPB Issues Guidance Around 2 ‘Junk Fees,’ Including ‘Surprise’ Overdraft Fees & Depositor Fees
October 27, 2022The Consumer Financial Protection Bureau (CFPB) has issued guidance about two junk fee practices it said “are likely unfair and unlawful under existing law.”
- FTC Also Exploring a Crackdown on Junk Fees
October 27, 2022The Federal Trade Commission is exploring a rule to crack down on “junk fees proliferating throughout the economy.”
- Money 20/20 Coverage: Just Hours After CFPB Announcement, Panel Talks Open Banking, What Could Lie Ahead
October 27, 2022Talk about fortuitous timing: Just hours after CFPB Director Rohit Chopra made a big splash announcement at the Money 20/20 Conference that the Bureau will work to facilitate open banking and open finance in the U.S., a panel discussion on that very same issue was already on the agenda.
- Too Many Americans Caught in a Financial Vortex
October 27, 2022Many current retirees are caught in a financial vortex of rising inflation and economic uncertainty that is putting their savings to the test. Just more than half are living on less than 50% of their preretirement annual income, the Goldman Sachs Retirement Survey & Insights Report 2022 found.
- CFPB Chief Previews Next Steps in Open-Banking Rulemaking
October 27, 2022The director of the Consumer Financial Protection Bureau unveiled a timetable for writing a regulation that will likely force banks to give third-party apps and other financial institutions access to consumer financial data at consumers' behest.
- Mortgage Rates Top 7% for the First Time Since 2002
October 27, 2022Mortgage rates rose again this week, topping 7% for the first time since 2002. The 30-year fixed-rate mortgage averaged 7.08% in the week ending October 27, up from 6.94% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate stood at 3.14%.
- Many Young People Prefer ‘Buy Now, Pay Later’ to Credit Cards—Here’s Why
October 27, 2022Across generations, nearly 60% of consumers say they prefer buy now, pay later over credit cards due to the ease of set payments, the simple approval process and lack of interest charges, according to a PYMNTS survey.