Latest News & VACUL Headlines
- CFPB, FTC Say Court Ruling Would Undercut Credit Reporting Law
September 16, 2022The Consumer Financial Protection Bureau and the Federal Trade Commission say that a 2021 federal court decision could limit protections for consumers looking to remove errors on their credit reports.
- White House Urges Regulators to 'Redouble' Crypto Oversight Efforts; Notes Study of Central Bank Digital Currency
September 16, 2022The White House has released a series of reports, including from the Treasury Department, outlining a federal plan for digital-asset regulation and study of the creation of a central bank digital currency.
- Will New Merchant Code for Gun Sales Turn Issuers into 'Morality Police?'
September 16, 2022Now that the International Organization for Standardization has approved a new code to identify purchases at stores that sell guns and ammunition, many groups are speaking up about threats to privacy and second-amendment rights.
- League, CUs Engage With Lawmakers During Busy Week on Capitol Hill
September 16, 2022Your League and member credit unions met this week (in-person, via virtual meeting or both) with Rep. Rob Wittman (R-1st), Rep. Elaine Luria (D-2nd), and Sens. Mark Warner and Tim Kaine to discuss interchange and other federal-level legislative priorities. During the past eight weeks, we've met with every member of our Congressional delegation -- in some cases, multiple times -- to lobby for our issues.
- Why Crypto Users are Coming to Credit Unions
September 16, 2022Credit union members are embracing crypto at a faster pace than non-members. Says one CU CEO: "When the markets evolve to a point where consumers can actually pay their bills with digital currency, we'll be ahead of the curve."
- NCUA Releases Q2 2022 State-Level Credit Union Data Report
September 15, 2022Federally insured credit unions experienced continued growth in assets, shares and deposits, and loans outstanding over the year ending in the second quarter of 2022, according to the latest NCUA Quarterly U.S. Map Review, released today by the National Credit Union Administration.
- Register Now for NCUA’s How Credit Unions Empower Hispanic Consumers and Communities Virtual Roundtable
September 15, 2022In recognition of National Hispanic Heritage Month, NCUA’s Office of Consumer Financial Protection and Hispanic Employee Resource Group, CULTURA, are hosting a virtual roundtable on Oct. 6, from 1 p.m. to 2:15 p.m. The roundtable will bring together leaders within the credit union industry for a moderated discussion on advancing safe, fair and affordable financial access and empowering Hispanic consumers, particularly those who are unbanked or underserved.
- CFPB Plans to Subject Buy Now, Pay Later Lenders to Same Regulatory Scrutiny as Credit Card Companies
September 15, 2022The U.S. Consumer Financial Protection Bureau plans to subject “buy now, pay later” lenders to the same vigorous oversight as credit card companies, saying the short-term financing industry harvests consumer data in ways that threatens consumer privacy. CFPB also released a study detailing the rapid growth of BNPL.
- ‘Buy Now, Pay Later’ Products Need Further Examination
September 15, 2022Credit unions are heavily regulated for safety and soundness, unlike “buy now, pay later” (BNPL) products increasingly used by consumers, CUNA wrote to the Senate Banking, Housing, and Urban Affairs Committee. The committee conducted a hearing on new consumer financial products and services Tuesday.
- CUNA Research: Inflation Posts Slight Increase
September 15, 2022Despite indications of a slow-down in headline inflation in the last two months, it is still much higher than the Federal Reserve's target of 2%