Latest News & VACUL Headlines
- 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.
- OCC's Hsu Warns Against Commingling Banks and Crypto
October 11, 2022Acting Comptroller of the Currency Michael Hsu warned against crypto firms integrating with the traditional financial system, saying that crypto companies often "disguise" their products as being similar to banking ones.
- NCUA Seeks Comments on Proposed Budget; League Will Seek to Testify
October 10, 2022NCUA is seeking public comment on its proposed budget and League President/CEO Carrie Hunt is asking to testify on behalf of Virginia-based credit unions. Your League will also be submitting written comments on the budget proposal.
- FTC Reminds Consumers, Employers: Health Insurance Covers At-Home COVID-19 Tests
October 10, 2022The FTC reminds consumers and employers, you can no longer get free COVID-19 test kits from the federal government. However, if you have health insurance, you’re covered for eight free over-the-counter, at-home COVID-19 tests each month.
- Why Credit Unions Are Giving ITIN Lending Another Look
October 10, 2022Individual Taxpayer Identification Numbers (ITINs) are tax processing numbers the IRS issues to people without a Social Security number. In addition to filing taxes with the IRS, an ITIN can be helpful to individuals as they pursue different financial activities. Key among them is opening a credit union account.