Latest News & VACUL Headlines
- Fed Governor: Include Credit Union Competition in Bank Merger Tests
October 3, 2022Credit unions have become significant competitors with banks and their presence should be a part of any bank merger evaluation, Federal Reserve Governor Michelle Bowman said last week.
- What Buy Now/Pay Later Fintechs Can Expect Next from the CFPB
October 3, 2022No draconian rulemaking has yet resulted from the Consumer Financial Protection Bureau's recent examination of top buy now/pay later fintechs' business practices. But a consensus is emerging that BNPL lenders will need to make changes to protect consumers, and the timing isn't great.
- As Mortgage Rates Continue to Rise, Refinancings Plunge
October 3, 2022With mortgage rates hitting highs not seen in more than a decade, refinancings continue to plunge and volume is considerably below where it was one year ago.
- Interchange Battle Heats Up with Move to Add Bill's Language as Amendment to NDAA
October 3, 2022U.S. Senate Majority Whip Dick Durbin (D-IL) and U.S. Senator Roger Marshall, M.D. (R-KS) are ramping up their efforts to win passage of their interchange bill by introducing the language as amendments to the National Defense Authorization Act (NDAA), a must-pass piece of legislation.
- CFPB Releases Financial Toolkit for Victims of Hurricanes Fiona, Ian
October 3, 2022When a catastrophe like Hurricane Fiona or Hurricane Ian happens, your world can be turned upside down.?During these tough times, it may be difficult to know who to trust and where to look for guidance and assistance, as well as what financial steps to take as you begin recovering.
- NAFCU Compliance Blog: Breaking Down NCUA’s CUGMA Proposal
October 3, 2022Earlier this year, NAFCU blogged about the Credit Union Governance Modernization Act (CUGMA), which was signed into law in March. As our previous blog discussed, CUGMA amended the Federal Credit Union Act to make it easier for federal credit unions (FCUs) to expel problematic members, such as those that engage in violent, abusive or illegal behavior. Whereas FCUs previously needed a 2/3 vote of the credit union’s membership at a special meeting to expel a member, CUGMA changed federal law to allow FCUs to expel members “for cause” with a 2/3 vote of the FCU’s board of directors.
- CUs, League Host NCUA Chairman Todd Harper
September 30, 2022Your League and member credit unions hosted National Credit Union Administration Board Chairman Todd Harper this week at the CEO Summit, our annual event for large credit unions.
- Congress Votes to Avert Government Shutdown
September 30, 2022The House has passed an interim funding bill to tide federal agencies over until mid-December. The vote came a day after the Senate approved the measure, and should prevent a government shutdown that would have gone into effect at midnight Saturday morning.
- Hurricane Ian Update From LSCU: 'Could Have Been a Lot Worse'
September 30, 2022As the sun rose on Thursday to the vast amount of damage left behind by the massive Hurricane Ian to many southeastern Florida communities, the League of Southeastern Credit Unions President/CEO Patrick LaPine said the early reports from credit unions in the path of the storm haven’t been as bad as they could have been. “You know, it could have been a lot worse,” LaPine said during an interview with CU Times early Thursday afternoon. To donate to Hurricane Ian relief efforts, LaPine asked people to give to the American Red Cross or the NCUF’s CUAid program.
- Fed Proposes Permanent Extension of Real Estate Debt Leniency
September 29, 2022In a policy statement proposed this week, Fed staffers petitioned the Board of Governors to make a series of tweaks to its supervisory policies that would allow financial institutions to accommodate delinquent real estate borrowers and restructure troubled loans without being penalized.