Latest News & VACUL Headlines
- New Fed Banking Chief Michael Barr Lays Out Vision on Digital Currency; Keeping Banks Safe
September 8, 2022The Federal Reserve’s vice chairman for supervision Michael Barr said in his first policy speech Wednesday that he would work to make the financial system more fair and safe on several fronts. He called on Congress to pass a “much needed” law to bring stable coins inside the prudential regulatory perimeter, as the central bank continues to study a potential digital-based currency for the U.S. Federal Reserve. Generally, prudential regulation may include minimum capital or liquidity requirements as well as supervisory inspection of an asset class.
- House Republicans Want Answers From Fed on Digital Dollar
September 8, 2022U.S. Republican lawmakers are demanding answers from a top Federal Reserve official on how the central bank views its powers to issue a digital dollar.
- Regulators Take Tough Look at Small Banks' Partnerships with Fintechs
September 7, 2022Small banks that partner with fintech companies can expect more governmental scrutiny of those arrangements, industry observers said in response to a recent enforcement action against a community bank in Virginia.
- Banks' Tech Upgrades Can Hinder Financial Inclusion, Treasury Official Warns
September 7, 2022When banks make changes to improve services for some customers, those same moves could put up new barriers to minorities and other underserved groups, a Treasury Department official warns.
- Home Equity Loans Back in Vogue as Cash-Out Refis Fade
September 7, 2022Higher interest rates are crushing mortgage refinancing volumes, but homeowners are increasingly turning to second loans and are unlikely to slow down soon.
- California, New York AGs Push Card Companies to Add Firearms Category
September 7, 2022The top prosecutors in California and New York are pressing three major U.S. credit card companies to add a new purchase category code for firearms, which they say will help law enforcement spot potential red flags.
- OCC's Hsu Says Bank-Fintech Relationships May Be Systemic Risk
September 7, 2022Acting Comptroller of the Currency Michael Hsu warned that widespread and increasingly complex relationships between banks and fintechs could set the stage for a financial crisis.
- Lending, Assets, Insured Shares, Deposits Continue Growth in 2Q
September 7, 2022Total loans outstanding in federally insured credit unions increased $194 billion, or 16.2%, over the year ending in the second quarter of 2022, to $1.39 trillion, according to NCUA’s latest financial performance data.
- Mortgages Slip, New Car Sales Slide in August
September 7, 2022Mortgage applications fell and new cars moved sideways in August — a headwind for the credit union movement, which has half its balance sheet in those loans.
- NAFCU Compliance Blog: MLA Refresher to Avoid Predatory Plottin’
September 7, 2022What covers a servicemember's financial obligations while she is away serving her country? Well, if you are drawing a blank, the time may be now for a Military Lending Act (MLA) refresher.