Latest News & VACUL Headlines
- 3 Ways Credit Unions Need to Talk to Their Depositors
September 21, 2022Very few credit union professionals believe they have created the ultimate in cost efficiency regarding deposits, which would enable them to simply outbid every other federally-insured depository. If credit unions cannot win the pricing wars with price, how can they expect to win?
- Draft Bill Lets Nonbanks Issue Stablecoins, Bans Algorithmic Coins for Two Years
September 21, 2022Nearly finalized legislation between Democrats and Republicans on the House Financial Services Committee would authorize the Federal Reserve to license nonbank stablecoin issuers and introduce a two-year moratorium for algorithmic stablecoins.
- Why Regulators Can't Go as Far as They'd Like to Stop Zelle Scams
September 21, 2022The Consumer Financial Protection Bureau under the direction of Rohit Chopra thinks something is fishy about consumers being made whole in cases of credit card fraud but being out-of-luck in cases of P2P fraud and is gearing up for a fight with financial institutions.
- Ginnie Mae Says Most Issuers are Compliant with Risk-Based Capital Rule
September 21, 2022Ginnie Mae on Tuesday issued a statement indicating most nonbank mortgage companies it works with are ready for its upcoming risk-based capital rule implementation, while also recognizing that not everyone is.
- NAFCU Compliance Blog: Dry Eyes, Fatigue, and the Limiting of Term Increases
September 21, 2022NAFCU’s compliance team has received several inquiries into Regulation Z’s limitations on increasing annual percentage rates, fees, and charges. We wanted to take the time to provide a brief overview of how section 1026.55 may influence a credit union’s plans and how credit unions may traverse section 1026.55.
- Federal Reserve Delivers Third-Straight Big Hike, Sees More Increases Ahead
September 21, 2022The Federal Reserve made another consequential decision to raise rates by a historic three-quarters of a percentage point to tame inflation. It was the first time ever that the Fed raised rates by three-quarters of a point in three consecutive months.
- Senators Write to FDIC Seeking Support for Industrial Loan Charters
September 21, 2022A bipartisan group of senators led by Sen. Mitt Romney, R-Utah, has urged the Federal Deposit Insurance Corp. to give a "fair consideration" to new industrial loan company, or ILC, charter applications and continue to "follow the laws that Congress carefully designed."
- Home Sales Dropped 20% in August From a Year Ago
September 21, 2022Home sales declined for the seventh month in a row in August as higher mortgage rates and stubbornly high prices pushed prospective buyers out of the market.
- Gen Z’s Changing Financial Profile: Key Facts for FIs’ 2023 Planning
September 21, 2022Economic conditions (and a little more age) are impacting the outlook and financial habits of the the older half of the massive Gen Z cohort. New research from Bank of America spotlights some of the challenges Gen Z consumers face along with their preferences and concerns.
- Zest AI Partners with WithClutch to Expand Inclusive Financing, Refinancing Options for Credit Union Members
September 21, 2022Zest AI is excited to announce its partnership with WithClutch to offer new options for financing and refinancing to more credit union members, all while increasing decisioning speed and reducing friction in the member experience. Zest AI is a partner of the Virginia Credit Union League and its service corporation.