Latest News & VACUL Headlines
- ‘Borrowers Are Feeling the Squeeze’ as Interest Rates Climb While Inflation Remains High, Financial Analyst Says
October 27, 2022From credit cards to mortgages, it’s suddenly a lot more expensive to borrow money. The Federal Reserve has raised its benchmark short-term rate 3 percentage points since March in an effort to curb unrelenting inflation, with another rate hike likely on the way next week.
- NAFCU Compliance Blog: FinCEN Adopts the First of Three CTA Rules
October 27, 2022FinCEN has published its final rule implementing the beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) of 2020. For those who need a refresher, the CTA became law on January 1, 2021 and aimed to fight criminal use of the U.S. financial system by limiting the use of shell companies or front companies by criminal enterprises.
- DCCU Credit Card Campaign Garners $20K Donation to Food Bank
October 27, 2022DuPont Community Credit Union (DCCU) recently held a special credit card campaign – Shop & Give – that benefitted its members and the community. During the months of July and August, DCCU credit card holders received additional rewards points or cash back for their grocery purchases. In turn, DCCU would donate a portion of all grocery purchases to the Blue Ridge Area Food Bank.
- U.S. Economy Grows in Third Quarter, Reversing a Six-Month Slump
October 27, 2022The U.S. economy grew at an annual rate of 2.6 percent in the third quarter, marking its first increase in 2022 and a sharp turnaround after six months of contraction — despite lingering fears that the country is at risk of a recession.
- NCUA Board Announces 2023 Meeting Schedule
October 26, 2022The National Credit Union Administration Board today released its monthly meeting schedule for 2023. Open Board meetings are scheduled to begin at 10 a.m. Eastern. View the press release?.
- CFPB Plans Rules to Faciliate Personal Financial Data Rights, Open Banking, Open Finance
October 26, 2022The CFPB is planning to facilitate rules to provide for personal financial data rights for Americans, paving the way for open banking and open finance. The proposed rules, among other things, would obligate financial institutions to share consumer data upon consumer request.
- FHFA Looks to Loosen FICO’s Hold on Mortgage Approvals, Says Lenders Should Also Use Scores from VantageScore
October 26, 2022FICO’s hold on the mortgage market is loosening. The Federal Housing Finance Agency said it will now require lenders that use credit scores for mortgage underwriting to use scores from both Fair Isaac Corp., the creator of FICO credit scores, and its competitor VantageScore Solutions LLC.
- Targeted Fee Changes for Certain Borrowers Announced by FHFA
October 26, 2022The Federal Housing Finance Agency (FHFA) has announced targeted changes to Fannie Mae and Freddie Mac’s pricing framework, saying it is eliminating upfront fees for certain borrowers and affordable mortgage products.
- Consumer Discretionary Spending Stable Despite Inflation Pressure, Says Visa CEO
October 26, 2022Consumer spending is holding up even amid high inflation and growing prospects of a recession on the horizon, according to Visa Inc. executives.
- Congressional FCU Names New President/CEO
October 26, 2022Congressional Federal Credit Union recently announced the selection of Cory Montez Hairston as the credit union's new President and Chief Executive Officer.