Latest News & VACUL Headlines
- CFPB's Chopra Vows Guidance on Buy-Now, Pay-Later Loans, Eyes Lender Examination
September 15, 2022The Consumer Financial Protection Bureau is identifying potential interpretive guidance or rules to regulate buy-now,
pay-later companies following a review of five major players, CFPB Director Rohit Chopra announced Sept. 15. The goal of the guidance is to ensure that buy-now, pay-later, or BNPL, companies adhere to many of the baseline protections that Congress has already established for credit cards, Chopra said upon releasing a detailed report. - NCUA Releases Simplified CECL Tool for Small Credit Unions
September 14, 2022The National Credit Union Administration (NCUA) issued a letter to credit unions (22-CU-10) today offering details on a tool to assist small credit unions with determining their allowance for credit losses (ACL) on loans and leases as required under Accounting Standards Codification Topic 326, Financial Instruments – Credit Losses, commonly referred to as Current Expected Credit Loss (CECL).
- CFPB Advises Furnishers Have an Obligation to Investigate Consumer Disputes
September 14, 2022When a consumer submits a dispute to a credit reporting company and it is passed along to the furnisher, the furnisher is then required to conduct its own investigation into the disputed information and report the results of its investigation back to the credit reporting company. Despite this clear obligation, CFPB says some furnishers have argued that they are free to ignore disputes they decide are without merit.
- NAFCU Caucus Coverage: NCUSIF Looks Good, Premium Assessment Unlikely
September 14, 2022One economist is predicting credit unions are unlikely to see any premiums assessed in the near future to fund the National Credit Union Share Insurance Fund, even as the nation’s banks aren’t able to say the same.
- Top Bank Regulator Outlines Plans for Oversight of Stablecoins, Climate Change Regulations
September 14, 2022Fed Governor Michael Barr, the Federal Reserve’s new banking regulator, has detailed a sweeping agenda in a speech that called for action on stablecoins, climate change preparations and both the safety and fairness of the finance industry.
- US Senator: 'Digital Assets Will Be as Big as the Internet'
September 14, 2022Cynthia Lummis, a Republican Senator from Wyoming, is one of the architects of a proposed piece of landmark legislation that promises to end the confusion over which cryptocurrencies are commodities and which are securities and create a regulatory framework for all digital assets.
- FHLBank System at 100: Focusing on the Future; Your Voice is Important
September 14, 2022FHLBank Atlanta encourages you to participate in person or through written comments, as you can speak most compellingly to the vital role, unique value, and broad community impact of the FHLBanks.
- Credit Unions Gain Larger Share of Auto Loans as Banks Lose Momentum
September 14, 2022A surge in auto lending in the second quarter has given U.S. credit unions their biggest slice of the vehicle lending pie in the past five years.
- Do Banks and Fintechs Need to Rethink Their Partnerships?
September 14, 2022There's been a spotlight on fintech vetting in recent weeks, as regulators have signaled that they have begun scrutinizing bank-fintech partnerships.
- US Bank Branch Closings Outpace Openings in July
September 14, 2022U.S. banks' branch closings continued to outpace branch openings in July with 129 closings and 52 openings. The net closures in July were 77, a decrease from 90 in June and notably lower than the trailing-12-month average of 260 net closures monthly, according to S&P Global Market Intelligence data.