Latest News & VACUL Headlines
- Powell: Stablecoin Regulation Belongs to the Fed
September 27, 2022Federal Reserve Chair Jerome Powell said stablecoins are a type of private money and need to be regulated as such.
- CFPB Launches Effort to Spur New Opportunities for Homeowners in the Mortgage Market
September 27, 2022The Consumer Financial Protection Bureau (CFPB) is asking for public input on ways to spur new mortgage products that help households. The CFPB seeks insights on ways to improve mortgage refinances for homeowners who would benefit from refinancing, especially for borrowers with smaller loan balances.
- National Credit Union Foundation Commits $250K to Hurricane Fiona Relief
September 27, 2022The National Credit Union Foundation has committed up to $250,000 from its CUAid program to support Puerto Rico-based credit union employees and volunteers affected by Hurricane Fiona. The grant will be made to the Inclusiv Network (Inclusiv), which will then manage individual donations to those affected by the hurricane.
- League Sends New Round of Letters to Congress on Interchange
September 27, 2022Following the recent introduction of a House version of the Credit Competition Act of 2022 (H.R. 8874), your League sent a new round of letters to every member of our Congressional delegation, noting our opposition to the House and Senate legislation and to any proposed changes to the current payments system.
- Delinquencies on Auto Loans Originated in ’21, ’22 Are Starting to Rise Relative to Earlier Loans, New Analysis Finds
September 27, 2022A new analysis has found that auto loans originated in 2021 and 2022 are starting to show higher delinquency rates relative to loans originated in previous years, even when compared to loans unaffected by pandemic-related stimulus payments.
- Minority Depository Institution Credit Unions Continue to Serve Members and Communities
September 27, 2022The National Credit Union Administration today released its annual report to Congress on the performance of minority depository institution (MDI) credit unions and the agency’s work to support them. MDI credit unions experienced growth in membership, assets, and loans in 2021 as they continued to provide safe, fair, and affordable financial services to their members and communities.
- More Credit Unions Opt into Streamlined Leverage Ratio Reporting Framework
September 26, 2022More credit unions opted into a new, streamlined framework for reporting their complex credit union leverage ratios in the second quarter. A total of 406 credit unions opted into the framework in the second quarter, according to S&P Global Market Intelligence data, an increase of 21 institutions from the 385 that opted in during the first quarter. The number of eligible credit unions grew by just four sequentially to 713.
- Fintech Debuts App That Combines Banking and Life Insurance
September 26, 2022A new app is combining banking and insurance into one service aimed at people who feel excluded from traditional financial services. Onuu, which announced its official launch on Friday, has a waitlist of 600,000 members. The app charges a subscription fee of $74.99 per year, or $7.99 per month, to access a suite of products including a checking account, savings account and budgeting tools. A credit card that does not require a FICO score is in the works.
- Some See Banks Parlay Fintech Investments into Community Reinvestment Act Credit
September 26, 2022The recent proliferation of bank-backed venture capital funds is helping spark curiosity about whether banks can earn Community Reinvestment Act credit by investing in financial technology companies.
- CUNA, AACUL, Leagues Call for Congressional Assistance with CDFI Fund Issues
September 26, 2022CUNA, the American Association of Credit Union Leagues, and all state Leagues wrote to House and Senate leaders Friday calling for a solution to Community Development Financial Institution Fund certification issues.