Latest News & VACUL Headlines
- 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.
- NAFCU Compliance Blog: CFPB Reports Market Research of BNPL Fintech
October 17, 2022The CFPB recently filed a market report summarizing data collected, following the issuance of market monitoring orders in December 2021 under its authority found in section 1022(c)(4)(B)(ii) of the Dodd-Frank Act. The report, issued in September, reviewed market practices and identified benefits of Buy Now, Pay Later (BNPL) loans “over legacy credit products” as well as risks posed to consumers who use BNPL products.
- League President Carrie Hunt Preparing to Testify Wednesday on NCUA Budget
October 17, 2022League President/CEO Carrie Hunt is preparing to testify Wednesday during an NCUA hearing on its 2023-2024 budget and the agency’s justification for its proposed expenditures.
- NCUA Board to Hear Cybersecurity, CLF Briefings Oct. 20
October 14, 2022The NCUA board will hear briefings on cybersecurity and the Central Liquidity Fund (CLF) at its Oct. 20 board meeting. The meeting will be streamed live starting at 10 a.m. via NCUA.gov.
- MBA Lobbies for Mortgage Insurance Premium Cut
October 14, 2022Department of Housing and Urban Development Secretary Marcia Fudge is the latest recipient of a letter — this time from an affordable housing coalition led by the Mortgage Bankers Association — asking for a reduction in Federal Housing Administration premiums.
- Wells Fargo Failing to Protect Customers as Zelle Scams Soar, Sen. Warren Charges in Letter
October 14, 2022Sen. Elizabeth Warren is tightening the pressure on Wells Fargo CEO Charles Scharf, just one among major bank executives that the Massachusetts Democrat is targeting amid evidence of repeat fraud on Zelle, the instant-payments system owned by seven of the U.S.’s largest banks.
- CFPB's Credit Card Late Fee Project Could Hit Small Institutions Hard
October 14, 2022Impending changes to how much credit card issuers can charge in late fees could have a big impact on small institutions. The Federal Reserve's late fee rules are under review by the Consumer Financial Protection Bureau in a move that could result in a formal notice of proposed rulemaking early next year, according to CFPB Director Rohit Chopra. A key question is what may happen to a safe harbor permitting credit card issuers to charge a specific amount without fearing action by the government, enacted under the CARD Act in 2009.