Latest News & VACUL Headlines
- 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.
- House to Vote on Board Modernization Bill This Week
September 26, 2022The House is expected to vote on the CUNA-League-led Credit Union Board Modernization Act this week. The bill would allow boards of most federally charted credit unions the flexibility to meet a minimum of six times a year.
- House Bill’s Latest Version Places Ban on Dollar-Pegged Digital Assets
September 26, 2022The most recent version of a changing House bill regulating stablecoins would place a two-year ban on dollar-pegged digital assets like TerraUSD, which collapsed in a $48 billion bank run-style panic in May, according to a new analysis.
- NAFCU: NCUA Should Update Guidance on New CECL Tool
September 26, 2022 - Rates Rose, But So Did Mortgage Apps for First Time in 6 Weeks
September 26, 2022Although rates continue to rise, mortgage applications increased nearly 4% for the week ending Sept. 16 compared with one week earlier. It marked the first increase in six weeks, according to the latest Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
- Home Sales Decline for Seventh Straight Month
September 26, 2022Sales of existing homes in the U.S. declined for the seventh straight month in August, as rising rates and home prices that have remained high have combined to stymie many would-be homebuyers, according to the National Association of Realtors.
- Certificate of Deposit Rates at US Banks Fall Well Short of Fed Rate Hikes
September 26, 2022Even as the Federal Reserve has hiked short-term rates at the fastest pace in 30 years, the rates that banks offer on their certificates of deposits have increased at a slower pace than witnessed during the last tightening cycle.