Latest News & VACUL Headlines
- NCUA to Host DEI and Access Summit Nov. 2-4
October 18, 2022Nov. 4 programming for the NCUA's DEI & Access Summit will include the session "MDI Credit Unions: Putting Equity into Practice." Hear from Financial Health Network, Filene Research Institute, and credit union leaders on the challenges and opportunities facing MDI credit unions and what your institution can do to support their growth in today’s environment.
- Credit Unions Increase Student Lending 12.8% YOY in Q2
October 18, 2022Credit unions have reported quarter-over-quarter increases in total nonfederally guaranteed student loans for the past six quarters. They may soon see more activity as the federal student loan payment moratorium ends. S&P Global Market Intelligence data showed that credit unions had $7.25 billion in nonfederally guaranteed student loans in the second quarter.
- Credit Union Loans Increased 1.9% in August
October 18, 2022Credit union loans outstanding increased 1.9% in August, compared to a similar 1.9% increase in July of 2022 and a 1.0% increase in August of 2021, according to CUNA's latest Monthly Credit Union Estimates.
- League, CUs Host Federal, State Regulators at CEO Forum
October 18, 2022Virginia’s credit unions and your League welcomed National Credit Union Administration Vice Chairman Kyle Hauptman and Virginia Bureau of Financial Institutions Commissioner Joe Face Jr. to an exclusive event today for CEOs from the Commonwealth’s credit unions with less than $100 million in assets.
- Regulators propose Large-Bank Resolution Reforms, Approve U.S. Bank Acquisition
October 17, 2022Bank regulators approved a merger between U.S. Bank and Union-MUFG Friday while simultaneously introducing new standards for large banks' resolution plans. In a joint statement released Friday, the agencies announced they would seek public comment on a host of potential changes to how some large banks should prepare themselves for potential future failures or bankruptcies.
- Fintech Partner Banks Bucking Industry Deposit Trends
October 17, 2022Financial technology companies remain a wellspring of deposits for the banks that partner with them. Of a group of 15 U.S. partner banks in the $1 billion to $3 billion asset range, about 10 are on track for double-digit increases in total deposits in 2022, far outpacing U.S. commercial banks of similar size.
- Fed's Waller 'Highly Skeptical' of Utility of a U.S. Digital Currency
October 17, 2022Federal Reserve Gov. Christopher Waller Friday methodically explained his opposition to the development of a U.S. central bank digital currency, taking aim at some arguments that his fellow board members had put forward in recent weeks.
- CUNA Supports FHFA Efforts to Identify Fintech Challenges in Housing Finance
October 17, 2022CUNA strongly supports the goal of facilitating responsible innovation and FHFA’s efforts to identify barriers and challenges in implementing fintech in the housing finance ecosystem. CUNA sent comments in response to an FHFA request for information on fintech in housing finance.
- CUNA Files Brief Supporting Credit Union’s Use of Arbitration Agreement
October 17, 2022CUNA filed an amicus brief on behalf of Golden 1 Credit Union in a lawsuit, Burgardt v. The Golden 1 Credit Union. At issue is whether Golden 1 Credit Union can compel the plaintiff to arbitrate his claims. Golden 1 Credit Union’s membership agreement did not include an arbitration provision when the plaintiff joined, but Golden 1 later added it, and the plaintiff did not opt out. The plaintiff later filed a putative class action lawsuit in Sacramento, California related to non-sufficient funds fees.
- Incomplete Data Breach Records Up as US Debates Cybersecurity Authority
October 17, 2022Heightened cybercrime and incomplete reporting records are concerning cybersecurity researchers at a time when it remains unclear which U.S. federal agency should take the lead on crafting comprehensive cyber breach and incident disclosure rules.