Latest News & VACUL Headlines
- 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.
- Mergers Help Drive Another Gain in Large Regionals' Deposit Share
September 23, 2022Deposit market share among the Big Four U.S. banks slipped again as the pandemic wave of deposits crested and a spate of deal completions helped bulk up regional competitors.
- Positive News for CUs on NCUSIF; NCUA Board OKs Proposed Rules on Member Expulsion, Subordinated Debt Changes
September 22, 2022The NCUA Board and credit unions today received good news on the National Credit Union Share Insurance Fund. The Board also voted today to approve proposed rules on member expulsion and subordinated debt, setting 60-day comment periods on the two measures.
- CUNA Research: 'Fed Putting Brakes on Economy'
September 22, 2022The Federal Reserve raised interest rates by 75 basis points as expected this week, indicating that the Federal Reserve is putting the brakes on the economy faster than expected to bring inflation down to its 2% target. The FOMC median forecast for interest rates remains at or above 4% through 2024.
- Request for Information Regarding Mortgage Refinances, Forbearances
September 22, 2022The Consumer Financial Protection Bureau (Bureau or CFPB) is seeking comment from the public about (1)?ways to facilitate mortgage refinances for consumers who would benefit from refinancing, especially consumers with smaller loan balances; and (2)?ways to reduce risks for consumers who experience disruptions in their financial situation that could interfere with their ability to remain current on their mortgage payments.
- Political Divide Snags the Digital Update to CRA
September 22, 2022Federal bank regulators' efforts to modernize the 45-year-old law known as the Community Reinvestment Act to reflect the rise of digital banking are raising accusations of partisanship, a claim that those digging into the details say is likely unfounded.
- CUs, League Hosting Legislator Reception Oct. 11 in NoVA; You're Invited!
September 22, 2022Your League and member credit unions are hosting a legislator reception Oct. 11 in Northern Virginia and you're invited! This event is free to attend, but we do ask that you register to aid us in planning.