Latest News & VACUL Headlines
- 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.
- ‘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.