Latest News & VACUL Headlines
- 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.
- 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.