Latest News & VACUL Headlines
- Interest Rates on Credit Cards Hit 26-Year High
September 12, 2022The average interest rate on variable-rate credit cards reached a quarter-century high of 18.03% this week as lenders responded to rate hikes by the Federal Reserve.
- New Data Standard Could Expose FIs' Authentication Gaps
September 12, 2022As FIs get ready to implement a new data security standard created by a payment industry group, there are three areas in which banks, retailers and payment processors need to step up their efforts, experts say: employee authentication, security testing and monitoring of partners' data security.
- CDFI Fund Issues Long-Sought Supplemental Guidance
September 9, 2022The Treasury’s Community Development Financial Institutions (CDFI) Fund issued CUNA-requested supplemental guidance Thursday for CDFIs currently in a certification cure period. CUNA and engaged with the CDFI Fund in recent months over CDFI credit unions receiving blanket cure notices and having their CDFI designation terminated without meaningful information or guidance.
- NIST Cybersecurity Framework Webinar Scheduled for Sept. 12
September 9, 2022The National Institute of Standards and Technology is hosting a virtual, informal discussion on the update of the NIST Cybersecurity Framework. Financial institutions and stakeholders are invited to attend the Sept. 12 event. NIST has also published a cybersecurity request for information analysis and a CSF workshop on its website.
- Additional Details Needed on Proposed Changes to CFPB Information Collection
September 9, 2022CUNA joined organizations Wednesday requesting the Consumer Financial Protection Bureau (CFPB) change its request for comment regarding report of terms from credit card agreements. The CFPB issued its request to revise its existing collection but does not specify what the proposed revisions are.
- Appeals Court Rules in Favor of Credit Unions in FCDPA Lawsuit
September 9, 2022The 11th Circuit Court of Appeals vacated the plaintiff’s standing Thursday in Hunstein v. Preferred Collection and Management Services Inc., a Fair Debt Collection Practices Act (FDCPA) lawsuit. CUNA filed a brief stating that a ruling for the plaintiff would threaten the functioning of debt collectors, mortgage servicers, and the broader financial services industry.
- Consumer Sentiment Around Buying, Selling of Homes Declines for Sixth Straight Month
September 9, 2022The Fannie Mae Home Purchase Sentiment Index (HPSI) decreased 0.8 points in August to 62.0, its sixth consecutive monthly decline, as high home prices and elevated mortgage rates continue to weigh on consumer sentiment, particularly home-selling sentiment.
- ‘Limit Or Eliminate’—Biden Executive Order Triggers Shock U.S. Bitcoin Ban Proposal After Radical Ethereum Upgrade And Wild Crypto Price Swings
September 9, 2022Bitcoin, using the energy-intensive proof-of-work consensus mechanism, could be banned in the U.S. under a proposal made by the White House Office of Science and Technology.
- Friend to CUs Rep. Brad Sherman Also Congress’ Leading Crypto Skeptic
September 9, 2022Rep. Brad Sherman’s views on cryptocurrencies set him apart from most of his colleagues in Congress. The Northridge-area Democrat isn’t just wary of crypto: He hates it and views it as a threat to the national security of the United States.
- Tidewater Chapter Donates $10,318 to CHKD
September 9, 2022The Tidewater Chapter donated $10,318.54 to Children's Hospital of the Kings Daughters, the Norfolk-based Children's Miracle Network Hospital. The Chapter raised the funds through its June charity golf tournament, with a matching contribution of $4,000 through the Co-op Miracle Match Program.