Latest News & VACUL Headlines
- Agencies Announce Dollar Thresholds in Regulation Z and Regulation M for Exempt Consumer Credit and Lease Transactions
October 14, 2022The Federal Reserve Board and the Consumer Financial Protection Bureau today announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2023 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing).
- National Credit Union Foundation Commits $225K to Hurricane Ian Relief
October 13, 2022The National Credit Union Foundation (the Foundation) has committed up to $225,000 from its CUAid program in response to the catastrophic destruction left by Hurricane Ian. The grant will be made to the Southeastern Credit Union Foundation, which has identified over 350 credit union employees and volunteers who were impacted by the storm—although that number is expected to rise.
- Proposed FDIC Rule May Discourage Largest Banks from Offering Loan Modifications
October 13, 2022The largest U.S. banks may be less likely to work with customers experiencing financial difficulty through loan modifications under a recent proposed rule from the Federal Deposit Insurance Corp.
- Remote Work Sticks, Signaling Doom for US Commercial Real Estate Sector
October 13, 2022The shift to remote work is killing demand for office space and setting up a potential meltdown in the commercial real estate market over the next decade. The average office occupancy across 10 major U.S. cities tracked by Kastle System was at about 47% at the end of September, less than half what it was pre-pandemic and just a marginal increase from the 36% occupancy rate U.S. offices were seeing a year ago, when many believed a significant return to the workplace was imminent.
- Analysts Expect Rate Hikes to Boost Regional Banks' Q3'22 Earnings
October 13, 2022U.S. regional banks are expected to report strong results for the third quarter. Net interest margins have been expanding with the Federal Reserve raising the federal funds rate, analysts noted. The net interest margin for the median midcap bank stood at 3.24% in the second quarter and is projected to rise to 3.35% for the third quarter.
- Total Consumer Credit Rises Again in August, But ‘Dramatic Downshift’ is Forecast
October 13, 2022Total consumer credit rose at a seasonally adjusted, annualized rate of 8.3% in August and is up 8.1% compared to a year ago. Revolving credit - primarily credit cards - rose 18.1% this month and is up 15.3% compared to August 2021. Non-revolving credit – primarily auto loans and education loans – rose 5.1% this month and is up 5.9% from a year ago.
- 4 Perspectives for FIs to Note in the Industry's Data-Sharing Debate
October 13, 2022With consumers increasingly using online banking and mobile apps, and agreeing to share their financial information without necessarily realizing what they are signing up for, the data-sharing debate is becoming more intense. Here are some perspectives on how the industry is responding to the challenges and opportunities inherent in open finance.
- McHenry Says He's Confident in 'Ugly Baby' Bipartisan Stablecoin Bill
October 13, 2022House Financial Services Committee Ranking Member Rep. Patrick McHenry, R-N.C., said that talks continue over Congress's leading bipartisan stablecoin bill, and that he's confident that some kind of bill defining regulation for the digital assets will eventually pass.
- Fed's Barr Says Banks Should Be Cautious with Crypto Partners
October 13, 2022Federal Reserve Vice Chair for Supervision Michael Barr wants banks to think twice about taking on deposits from crypto firms.
- CFPB Report Finds High Fees Charged on Student Banking Products Endorsed by Colleges
October 13, 2022The Consumer Financial Protection Bureau (CFPB) published a report on terms and fees associated with banking products marketed in partnership with colleges to students. The report raises questions about whether some marketing deals between colleges and financial institutions comply with Department of Education rules.