Latest News & VACUL Headlines
- 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.
- Importance of DEI in the Governance of Credit Unions
October 13, 2022Today, a strong governance model should not only embrace the traditional fiduciary, strategic, and generative models, but also the positive and sweeping implications of diversity, equity, and inclusion (DEI) in its modus operandi.
- Credit Card Competition Act, NCUA Third-Party Authority Absent from Senate NDAA Agreement
October 12, 2022Lawmakers have released the text of the bipartisan agreement on a Senate substitute amendment for the National Defense Authorization Act (NDAA), which is likely be considered by the Senate in November. Absent from the list of amendments included in the substitute are the Credit Card Competition Act of 2022 and NCUA Third Party Vendor Authority, marking wins for the credit union industry, which has fought hard against the inclusion of those two measures in the NDAA and a third proposal that seeks to study interchange costs for those in the military, which is also absent from the substitute amendment.
- The Hidden Dangers in the Fed's Balance-Sheet Reduction
October 12, 2022The Federal Reserve's balance sheet runoff is picking up steam after its monthly cap on unreplaced maturities doubled to $95 billion last month. Last week alone, it shed $37 billion of assets.
- Edward Jones Abandons Plan to Open Industrial Bank
October 12, 2022The financial advisory firm Edward Jones has abandoned its effort to open a Utah-based industrial bank following recent discussions with the Federal Deposit Insurance Corp.