Latest News & VACUL Headlines
- League Filing Written Comments on NCUA Budget
October 25, 2022Following testimony by League President/CEO Carrie Hunt last week at NCUA's in-person budget hearing, your League will be submitting additional written comments on the budget by the Friday deadline.
- League, CUs Meet with Congresswoman Elaine Luria
October 25, 2022Member credit unions and your League held a virtual meeting today with credit union supporter, Rep. Elaine Luria, who remains locked in heated battle to hold on to her 2nd District seat.
- Economic Update Covers Housing Market Tends
October 24, 2022CUNA Senior Economist Dawit Kebede covered housing market trends and more on the economy in CUNA’s latest Economic Update. “By conservative estimates, we need 1.72 million homes per year for the next 10 years,” he said, adding that a Federal Reserve estimate shows the need for three million homes over that time period.
- CFPB Signals Imminent Crackdown on 'Junk Data' in Credit Reports
October 24, 2022The Consumer Financial Protection Bureau signaled it may soon crack down on the big three credit bureaus for "inconsistent or impossible" data on credit reports that hurt consumers' ability to secure loans, housing, and employment.
- Condoleezza Rice Joins CUNA GAC Programming
October 24, 2022No stranger to navigating the notoriously difficult arenas of politics, academia, and business, 66th U.S. Secretary of State Condoleezza Rice will share insights from her trailblazing career during a chat with CUNA President/CEO Jim Nussle at CUNA Governmental Affairs Conference on Tuesday, Feb. 28, 2023.
- Will Tumult in the Housing Market Change the Fed's Trajectory?
October 24, 2022As the Federal Reserve weighs another supersized rate increase this year, fears are mounting that the central bank's monetary actions could needlessly threaten financial stability.
- 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.