Latest News & VACUL Headlines
- FTC to Explore Rulemaking to Combat Fake Reviews and Other Deceptive Endorsements
October 21, 2022The Federal Trade Commission announced this week it is exploring a potential rule to combat deceptive or unfair review and endorsement practices, such as using fake reviews, suppressing negative reviews, and paying for positive reviews. Deceptive and manipulated reviews and endorsements cheat consumers looking for real feedback on a product or service and undercut honest businesses. The FTC’s Advance Notice of Proposed Rulemaking (ANPR) seeks public comment on potential harms stemming from deceptive or unfair review and endorsement practices and whether a rule would help consumers and level the playing field for honest marketers.
- New Filene Research Reiterates DEI’s Impact on ROA, Net Income
October 21, 2022Similarities between the results of Filene Research Institute’s first and second annual DEI Practices and Policies Survey helped confirm that the results of its 2021 research – which revealed a strong connection between a credit union’s diversity, equity and inclusion efforts and financial performance – were not just a fluke, the Madison, Wis., think tank said in a webinar Tuesday.
- Court Rules CFPB Funding Unconstitutional, CU Trades Applaud Ruling
October 20, 2022The 5th U.S. Circuit Court of Appeals found the Consumer Financial Protection Bureau’s (CFPB) funding mechanism is unconstitutional Wednesday. CUNA has long supported placing the CFPB under the traditional appropriations process. The three-judge panel found placing the bureau’s funding outside of the process violates the U.S. Constitution’s structural separation of powers.
- NCUA Should Be ‘Laser-Focused’ on Budget Discipline
October 20, 2022NCUA should be laser-focused on budgetary discipline, CUNA Deputy Chief Advocacy Officer Jason Stverak told the agency Wednesday at its 2023-24 budget briefing. NCUA’s proposed combined 2023 staff draft budget is $367.0 million, or 8.1% higher than the 2022 budget. Virginia Credit Union League President/CEO Carrie Hunt also presented at the briefing. “The NCUA budget has increased more than $100 million in 10 years, yet credit unions’ core business model has not changed, and new threats cannot account for the full $100 million in increases,” she said. As an industry, I think it fair we ask if that investment resulted in an increase in assets and member growth for credit unions?
- ACUM Premieres HERSTORY Hall of Fame, Announces Exhibit Expansion
October 20, 2022America’s Credit Union Museum (ACUM) held the official unveiling of its newest exhibit “Credit Union Women Making History: Herstory” Sept. 29. ACUM has inducted a range of credit union women to the exhibit based on outstanding achievements in the credit union industry in addition to unveiling the exhibit.
- NCUA Budget Briefing: What 4 People Told Agency About Spending
October 20, 2022Representatives of four credit union/regulator trade groups -- including League President/CEO Carrie Hunt -- offered their feedback on NCUA’s proposed 2023-24 budgets during the agency’s budget briefing here, with all four calling for budget reductions.
- 'Financial Hacking' Plagues DeFi in Latest Setback for Crypto
October 20, 2022Decentralized finance, the once red-hot slice of the crypto universe that was at the center of this year's collapse of the digital-asset world, is facing a rapidly increasing new challenge: financial hacking.
- Credit Unions Wary Despite Record-Low Delinquencies
October 20, 2022Credit quality has been historically strong for credit unions, but a couple of the factors driving that — low interest rates and government stimulus checks — have disappeared and credit unions are bracing for a change.
- CFPB Takes Action to Address Junk Data in Credit Reports
October 20, 2022Today, the Consumer Financial Protection Bureau (CFPB) issued guidance to consumer reporting companies about their obligation to screen for and eliminate obviously false “junk data” from consumers’ credit reports. Companies need to take steps to reliably detect and remove inconsistent or impossible information from consumers’ credit profiles.
- Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on Proposals to Prevent Bailout Risk and Guard Against Increased Concentration in Banking
October 20, 2022The Federal Deposit Insurance Corporation is taking an important step to reduce bailout risk among a group of systemically important financial institutions and guard against increasing concentration in banking. In conjunction with the Federal Reserve Board of Governors, the FDIC Board of Directors is issuing an Advanced Notice of Proposed Rulemaking to help prepare for a potential failure of a very large bank that isn’t one of the big Wall Street banks.