Latest News & VACUL Headlines
- 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.
- 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.