Latest News & VACUL Headlines
- 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.
- Big banks, Nonbanks Largely Absent from FHFA's Home Loan Bank Inquiry
October 11, 2022Dozens of community bankers flocked to Washington this past week to discuss the relevance of the Federal Home Loan Bank System. The regulatory review may determine whether the little-known but politically powerful cooperative is fulfilling its congressionally mandated mission to "provide reliable liquidity to its member institutions to support housing finance and community investment."
- U.S. Banks Cut Giving to Federal Candidates, Up Democrats' Share Ahead of Mid-Terms
October 11, 2022U.S. banks are giving far less to federal candidates this election cycle and increasing the proportion they are handing to Democrats as they rethink their political giving, according to a Reuters analysis of data compiled by the Center for Responsive Politics (CRP) and more than half a dozen industry officials and lobbyists.
- Why ALTA Fears Title Insurance Alternative Use Could Go Too Far
October 11, 2022As more large players like United Wholesale Mortgage and the government-sponsored enterprises launch efforts aimed at reducing title insurance costs, a trade group has issued new warnings about the potential risks.
- Homebuyer Optimism Continues to Shrink
October 11, 2022Buyer attitude about the housing market in September was at its lowest point in nearly 11 years, when the overhang of the Great Recession drove sentiment, Fannie Mae reported.
- CFPB: Mortgage Borrowers Can Challenge Inaccurate Appraisals Through the Reconsideration of Value Process
October 11, 2022Ensuring that homebuyers and homeowners can challenge inaccurate appraisals is one of many efforts that the CFPB and other federal agencies are working on to ensure fair and accurate appraisals, notes the CFPB in a recent blog post. The Bureau has already taken the first step to implement legal requirements to limit bias in algorithmic appraisals.
- CUNA Finds CU Lending Still Strong in August
October 11, 2022Credit unions in August continued to outpace past lending performance, but delinquency rates rose over the summer faster than previously estimated and surplus funds shrank from July, according to CUNA. CUNA’s Monthly Credit Union Estimates released Oct. 6 showed especially strong month-to-month gains in auto loan balances.