Latest News & VACUL Headlines
- 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.
- Joint Trades Express Views About NDAA Provisions
September 20, 2022CUNA, the Defense Credit Union Council (DCUC) and the National Association of Federally-Insured Credit Unions (NAFCU) sent a letter to Senate Armed Services Committee leadership regarding potential provisions to the National Defense Authorization Act (NDAA) for the Fiscal Year 2023.
- Justice Dept. Making Big Investment in Crypto Oversight; DeFi to Get More Scrutiny
September 20, 2022The federal government is significantly beefing up its enforcement around digital assets and crypto. The Justice Department reported it has turned 150 federal prosecutors nationally into what are essentially crypto cops.
- PAC That Takes Strong Anti-Credit Union Stance is Backing 4 Congressional Candidates
September 20, 2022A political action committee that has expressed criticism of “…fake credit unions” is urging the banking industry to put its support behind three candidates, according to one new report. The PAC, Friends of Traditional Banking (FOTB), was first reported on CUCollaborate.com. The banker-backed group bills itself as the “inverse” of a traditional PAC.
- Virginia Sending Millions of Tax Rebates; Eligibility Tool Available
September 20, 2022To help Virginians find out if they’ve got money coming their way in tax rebate payments in the next few weeks, tax officials published an online tool Monday that lets state residents check their eligibility.