Latest News & VACUL Headlines
- NCUA Approves Q2 Charter Expansion Applications
September 19, 2022Charter expansion applications were approved for credit unions to reach new members, including more than 1.3 million in underserved areas, according to the NCUA’s Q2 Merger Activity and Insurance Report released in August.
- CFPB Plans Rule Next Year to Toughen Caps on Credit Card Late Fees
September 19, 2022The Consumer Financial Protection Bureau plans to issue a rule next year to address whether credit card late fees are set at reasonable levels and if they should continue to be pegged to inflation.
- CFPB Annual Report of 2021 Mortgage Market Activity Reveals an End to the Refinancing Boom; Increase in Home Purchase Loans
September 19, 2022The Consumer Financial Protection Bureau (CFPB) released today its annual report on residential mortgage lending activity and trends for 2021. The report’s data are submitted by thousands of the nation’s lending institutions under the Home Mortgage Disclosure Act (HMDA). The report shows a shift from refinance loans in 2020 to home purchase loans in 2021 ...
- NAFCU Compliance Blog: A Refresher on the Statutory Lien
September 19, 2022Under the Federal Credit Union Act and Section 701.39 of NCUA’s Rules and Regulations credit unions are granted a statutory lien in its member’s shares and dividends. This allows credit unions to use funds deposited in a member’s account to satisfy outstanding defaulted loans. However, the lien comes with several requirements and limitations.
- Tenth Circuit Adopts 'Reasonable Consumer' Standard to Determine Materiality Under FDCPA
September 19, 2022The standard courts should use to determine whether an alleged Fair Debt Collection Practices Act (FDCPA) violation is material remains unsettled. According to a recent Tenth Circuit decision, however, the standard should be that of the “reasonable consumer,” not the “least sophisticated consumer.” In other words, “the inquiry is whether the reasonable consumer could reasonably interpret the representation to have multiple meanings, one of which is untrue.”
- New Rules for Regional Banks Eyed
September 19, 2022Bank regulators are mulling additional requirements for large regional banks to cushion the impact of possible crises, The Wall Street Journal reported, citing sources. As they grow and increase their significance in the financial system, large regional banks, like megabanks, might also be asked to raise billions in long-term debt to help absorb losses in case of insolvency, the sources told the news outlet ...
- League, CUNA Oppose House Interchange Bill
September 19, 2022Reps. Peter Welch, D-Vt., and Lance Gooden, R-Texas, introduced the House version of the Credit Card Competition Act Monday. CUNA, Leagues, and credit unions strongly oppose the bill, which would allow merchants to route payments through an unaffiliated network.
- What Ethereum's 'Merge’ Means for You, the Market, and the Climate
September 19, 2022Ethereum, the world’s second-most valuable digital currency by market capitalization, completed a long-awaited upgrade to its system on Sept. 15. The move, known in the cryptocurrency community as “The Merge,” is expected to slash energy costs and lay the groundwork for more use of crypto technology in mainstream applications, including finance.
- Supersized Rate Hikes are Fed’s New Normal
September 19, 2022An interest-rate increase that was considered outsized and outlandish until recently has become a bizarre new baseline with inflation showing few signs of improving.
- CUNA Supports Efforts to Stop Unfair PPP Penalties
September 16, 2022CUNA supports efforts from Reps. Chrissy Houlahan, D-Pa., Judy Chu, D-Pa., House Small Business Committee Chairwoman Nydia Velazquez, D-N.Y., and 37 other members of Congress to stop penalizing Paycheck Protection Program (PPP) lenders. More than 300,000 PPP borrowers are facing loan forgiveness issues due to good faith miscalculations, many through no fault of their own.