Latest News & VACUL Headlines
- Fed's Rate Hikes are Tanking the Mortgage Market
October 24, 2022Rising interest rates are wreaking havoc in the mortgage market, forcing borrowers on the sidelines and making it tough for lenders to originate home loans.
- U.S. Economy Likely Grew a Lot Last Quarter; Most People Didn’t Notice
October 24, 2022The U.S. economy is expected to have grown robustly in a sharp rebound from the first half of the year, but most Americans are unlikely to notice anything about the turnaround. Persistent inflation continues to weigh heavily on both economic growth and household budgets, and has become a key flash point ahead of the midterm elections.
- Divided US Government Would Shape Recession Response
October 24, 2022The U.S. federal government will have a harder time addressing an economic downturn if either chamber of Congress flips parties in the midterms. Democrats are likely to hold the Senate in the November elections, while Republicans are poised to take control of the House of Representatives, according to an analysis of poll data by S&P Global Market Intelligence economists. The midterm elections come as the U.S. is entering an economic downturn, with Market Intelligence economists forecasting U.S. GDP will contract in 2023.
- Stablecoins Could ‘Fundamentally Alter Landscape of Banking,’ Says FDIC Chief
October 24, 2022Stablecoins have the potential to “fundamentally alter the landscape of banking,” according to the head of the FDIC. Speaking to the issue “The Prudential Regulation of Crypto Assets” at the Brookings Institution, Acting FDIC Chairman Martin Gruenberg said “economies of scale associated with payment stablecoins could lead to further consolidation in the banking system or disintermediation of traditional banks,” Pymnts.com reported.
- GOP Seeks to Subject CFPB to Appropriations Process Following Ruling
October 21, 2022House Republicans say they have a solution to the conundrum caused Wednesday by the U.S. Court of Appeals for the Fifth Circuit when it found that the CFPB was unconstitutionally funded -- Kentucky
- NCUA Board to Congress: Extend CLF Changes
October 21, 2022 - NCUA Board Meeting Coverage: Risk Appetite Statement Approved
October 21, 2022Members of the NCUA board heard an update on the agency’s Risk Appetite Statement, with one board member urging credit unions to take a “fresh look” at their own existing risk appetite statements or to begin the process. The board voted 3-0 in favor of approving the statement.
- All of CFPB's Past Actions Threatened by Appeals Court Decision
October 21, 2022An appeals court decision that invalidated the Consumer Financial Protection Bureau's payday lending rule has far broader implications, potentially opening all of the agency's past rules and other actions to legal challenges, say regulatory and constitutional lawyers.
- Large US Bank Revenue Keeps Climbing as Investors Brace for Recession
October 21, 2022Big U.S. bank stocks bounced on third-quarter earnings reports that delivered even stronger net interest income increases than expected without the hits to capital that some investors feared.
- Consumers Could Soon See Which Plaid Apps Access Their Account
October 21, 2022More consumers will soon get to see which companies have access to their financial data rather than needing to memorize which apps they previously granted access to their accounts.