Latest News & VACUL Headlines
- National Credit Union Foundation Announces New Financial Well-Being Grants
October 11, 2022The National Credit Union Foundation (the Foundation) has announced two new grant opportunities to bolster credit unions’ ability to offer financial coaching and combat hunger.
- How to Establish Credit in the Hispanic and Latino Community
October 11, 2022Hispanic and Latino families in the U.S. continue to face a variety of challenges when it comes to establishing financial well-being. There are continued, systemic barriers to wealth building, such as labor market discrimination, which result in Hispanic and Latino families being less likely than white families to own assets such as homes, businesses and retirement accounts. But credit unions can aid these consumers ...
- As NCUA Weighs Climate Risk, CU Official Joins New Advisory Committee
October 11, 2022The NCUA has been struggling with the best way to deal with climate change. As a member of FSOC, agency Chairman Todd Harper supported the group’s 2021 statement that climate issues pose a risk to the financial system.
- Share With Members: 5 Things to Do to Protect Yourself Online
October 11, 2022Your online accounts, computer, and phone hold a lot of your personal, financial, and health information. Information that’s valuable to you — and to scammers who try to steal it. Here are five things to do to keep hackers out of your accounts and your personal business.
- CU Economists Respond to New Jobs Numbers
October 11, 2022The labor market again showed strength in the newest data released by the federal government, adding 263,000 jobs during September, clearing the way for the Fed to again raise rates but also raising questions over whether doing so is the right thing to do, according to two credit union economists.
- For Third Month in a Row, Used Car Values See a Decline
October 11, 2022Used car values declined for the third month in a row in September. Black Book’s Used Vehicle Retention Index for?September decreased 4.1% (7.5 points) to 176.5 from August. The Index currently stands 4.1% above where it was at the same time in 2021 and 54% above March 2020, pre-pandemic, Black Book said.
- Kabbage Files for Bankruptcy Protection
October 11, 2022The online lender Kabbage, often hailed as among the fintechs credit unions need to be watching, has filed for bankruptcy. Kabbage, a unit of American Express, had been among the biggest lenders in the first year of the Paycheck Protection Program, processing more than $7 billion in loans, but it has since been dogged by questions of whether it was too lax in approving loans that it should have known were fraudulent.
- NCUA Updates Simplified CECL Tool for Loan, Lease Losses as of Sept. 30
October 11, 2022NCUA released the first update of the Simplified CECL Tool to enable credit unions to test and calibrate the tool to estimate the allowance for credit losses on loans and leases as of Sept. 30, 2022. The update includes the latest life-of-loan, or Weighted Average Remaining Maturity factors, as well as minor enhancements. To obtain the latest version, please visit The Simplified CECL Tool page and click “Download the Latest Simplified CECL Tool.”
- Interest Rate Upswings Cooling Regional Housing Markets
October 11, 2022Similar to nationwide trends, Hampton Roads real estate experts say the regional housing market has very little inventory and much demand. However, the spike in interest rates is cooling that demand.
- Dimon Says US Recession Likely by Mid-2023
October 11, 2022JPMorgan Chase & Co. CEO Jamie Dimon said that a combination of macroeconomic factors and geopolitical risks will push the U.S. and global economy into recession by the middle of next year, CNBC reported. Citing these factors as a "very, very serious" mix of headwinds, Dimon also stated that compared to the 2008 global financial crisis, U.S. consumers are likely to fare better this time around, according to the report.