Latest News & VACUL Headlines
- U.S. Job Growth Cools but Remains Solid
October 7, 2022A slowdown of the labor market appears to be taking hold, relieving some pressure on inflation. But hiring remains resilient and the Federal Reserve is likely to continue raising rates aggressively.
- Stverak to Congress: Interchange Bill 'Wholly Inappropriate' for NDAA
October 7, 2022Attaching the Credit Card Competition Act to the Senate FY23 National Defense Authorization Act (NDAA) is inappropriate, CUNA Deputy Chief Advocacy Officer Jason Stverak wrote to all 535 Congressional offices Thursday.
- Committee Formed to Provide Guidance to FSOC on Climate-Related Financial Risks
October 7, 2022The Financial Stability Oversight Council (FSOC), of which NCUA is a member, has been newly charged with providing advice on climate-related financial risks to federal financial institution regulators. FSOC’s new Climate-related Financial Risk Advisory Committee (CFRAC) will help to improve the collective understanding of how climate change may impact the financial sector.
- Marry Now, Pay Later: BNPL Financing Model Expands to Weddings
October 7, 2022The buy now, pay later phenomenon has spread to the wedding industry, in what some are dubbing marry now, pay later. Maroo, which launched in mid-2021, is seeing increasing popularity with a solution that gives couples the option to pay its network of vendors in installments over a 12-month period, according to a new report.
- Biden Offers Pardons for Pot Possession, Signals Deeper Reform for U.S. Cannabis Laws
October 7, 2022President Joe Biden is pardoning people convicted under federal law of possessing marijuana — and signalling that he's willing to revisit whether cannabis should remain a controlled substance in the United States.
- As Banks Shutter Branches, Credit Unions Continue to Build
October 7, 2022The COVID-19 pandemic forced credit unions to rethink the function of branches, but recent data shows that they continue to open more locations — even as banks do the opposite.
- What the White House's Blueprint for an AI Bill of Rights Means for FIs
October 7, 2022The White House has published an AI Bill of Rights that instructs financial institutions and other companies on the kinds of consumer protections they need to build into their artificial intelligence-based programs.
- Can FinCEN Deliver on Promised Regulatory Relief?
October 7, 2022The Treasury Department finalized its beneficial ownership rule last week, but left timing on the elements that financial institutions care most about vague.
- Fed Warns That Custodia Suit Could Upend 'Careful Balance' of Authority
October 7, 2022The Federal Reserve is using Custodia Bank's own marketing materials to refute the company's claim that it poses no new risks to the central bank's payment system. The Fed pointed to Custodia press releases in which the Wyoming-chartered institution describes itself as a "first-of-its-kind digital asset bank" and details its plan to launch a stablecoin as evidence that the firm's business model warrants more time to scrutinize than that of a traditional bank.
- House Republicans Challenge Fed's Ability to Create CBDC Without Congress
October 6, 2022A group of Republicans on the House Financial Services Committee have asked Attorney General Merrick Garland for the Department of Justice's analysis on legislation to create a central bank digital currency.