Latest News & VACUL Headlines
- 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.
- 1st Advantage Colleagues Come Together for a Day of Community Service
October 17, 2022While most financial institutions were closed for the Columbus Day holiday, 1st Advantage colleagues rolled up their sleeves and participated in their 15th Annual 1A Community Day, a day that is dedicated to giving back to, and reinvesting in, the community that they serve.
- Credit Union Economists: More Big Rate Hikes Likely This Year
October 17, 2022Inflation unexpectedly accelerated in September, leading credit union economists to predict the Fed will deepen economic misery by continuing with large rate hikes for the rest of the year.
- How Much Fraud is on Zelle? Depends Who You Ask
October 17, 2022As lawmakers and regulators push for enhanced consumer protections on the bank-owned payment platform Zelle, there appears to be a paucity of reliable data on how prevalent fraud in real-time payments actually is.
- Agencies Announce Threshold for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans
October 17, 2022The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency today announced that the 2023 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $28,500 to $31,000.