Latest News & VACUL Headlines
- 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.
- More Rules on Fees in the Works
October 26, 2022Credit unions: The Biden Administration today released an initiative that will target what it terms “junk fees,” with banking-related fees featured prominently in the President’s plan and in new, related guidance issued by the Consumer Financial Protection Bureau (CFPB).
- CFPB Lays Out Possible Counter to Fifth Circuit Funding Decision
October 26, 2022An appeals court ruling last week on the Consumer Financial Protection Bureau's funding structure is already threatening the agency's ability to enforce its rules. But in another recent case, CFPB hints at its legal strategy for appealing the court decision that found its funding mechanism unconstitutional.
- Upcoming Comment Deadlines Include NCUA Budget, Digital Assets
October 26, 2022Comments on several regulatory items of interest to credit unions are due in the coming weeks including on NCUA’s draft 2023-24 budget, due Oct. 28.
- Housing Slowdown: New Home Sales Fell 10.9% in September
October 26, 2022New home sales fell in September amid rising mortgage rates that have pushed some buyers away from the housing market.