Latest News & VACUL Headlines
- Letter to Credit Unions (22-CU-11) NCUA to Begin Phase 3 of Resuming Onsite Operations
September 20, 2022In July 2021, the NCUA announced the implementation of Phase 1 of its phased approach to returning to onsite operations in Letter to Credit Unions, 21-CU-06. In April 2022, the NCUA entered Phase 2 as outlined in Letter to Credit Unions, 22-CU-06. The agency will enter the third phase (Phase 3) of resuming its onsite operations on October 17, 2022.
- CFPB Examines Potential Impact of Rising Car Prices on Consumer Credit
September 20, 2022On September 19, the Consumer Financial Protection Bureau (CFPB) released a blog post, exploring the potential relationship between rising car prices and changes in auto loan performance. The CFPB found that the rate of delinquency, especially for low-income borrowers, has risen over the past year.
- Credit Unions Focus on Service to Military, Not Profits
September 19, 2022CUNA wrote in opposition to any potential expansion of the credit union lease arrangement with military bases to banks in a letter sent to Senate Armed Services Committee leaders Friday asking the committee to reconsider the language included in its FY23 NDAA.
- White House Releases 'Digital Asset Framework' Outlining Vision for Crypto Regulation, Digital Assets
September 19, 2022The White House has released its first-ever “digital asset framework” that outlines its vision of what crypto regulation in the U.S. should look like, including ways in which the financial services industry should evolve to make borderless transactions easier, and how to crack down on fraud in the digital asset space.
- With Billions in Potential PPP Loan ‘Errors,’ Members of Congress Want Review of ‘Good Faith’ Rule
September 19, 2022A group of 40 Representatives signed a letter requesting the Small Business Administration (SBA) review the paycheck protection program (PPP) “Good Faith Error” rule.
- Higher Prices, Rates Putting Brakes on Car Sales
September 19, 2022Cox Automotive reported Thursday that used car sales skidded in August, following a report early this month that new car sales were flat. This time, it’s not just inventory. Cox Automotive said the slowdown is beginning to reflect the higher payments caused by both rising prices and rising interest rates.
- 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.