Latest News & VACUL Headlines
- 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.
- NAFCU Compliance Blog: All the Acronyms, and a Simplified CECL Tool from NCUA
September 26, 2022NCUA explains that “the CECL Tool is one of many options available to calculate the ACL for loans and leases under the requirements of the CECL accounting standard.” The Simplified CECL Tool utilizes the Weighted Average Remaining Maturity (WARM) methodology. The WARM method is an acceptable approach for smaller and less complex pools of assets, making it most helpful to small credit unions with under $100M in assets. However, each credit union may decide the best approach that fits its own portfolio.
- Register Now for Simplified CECL Tool Webinar
September 23, 2022The National Credit Union Administration Office of Examination & Insurance is hosting a webinar on the recently announced Simplified Current Expected Credit Loss (CECL) Tool. The one-hour live webinar will take place on Wednesday, Oct. 12, beginning at 2 p.m.
- Fintech Opens Up a Market for FIs: Lending Against Life Insurance
September 23, 2022Many people buy whole life insurance as protection for their beneficiaries after they die. Josh Wyss also sees it as a savings vehicle during his lifetime. Wyss co-founded a fintech called Inclined that helps banks participate in this form of lending.
- Big Bank CEOs Push Back Against Proposed Liability Shift for Fraud on Zelle
September 23, 2022Executives said customer disputes on their person-to-person payment platform are low. JPMorgan Chase's Jamie Dimon warned senators at a banking committee hearing against trying to put banks on the hook for fraud claims on Zelle.