Latest News & VACUL Headlines
- 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.
- Amendment to the Cyber-Related Sanctions Regulations, Associated Administrative List Updates
September 6, 2022OFAC is amending, and reissuing in their entirety, the Cyber-Related Sanctions Regulations, 31 C.F.R. part 578. This administrative action replaces the regulations that were published in abbreviated form on December 31, 2015, with a more comprehensive set of regulations that includes additional interpretive and definitional guidance, general licenses, and other regulatory provisions that will provide further guidance to the public.
- Economic Update Covers 'Eye-Popping' Loan Growth, Consumer Perceptions
September 6, 2022CUNA Chief Economist Mike Schenk discusses credit union development in the first half of the year and how that compares to banks in the August 2022 CUNA Economic Update.
- Risk, Reward Ahead for Banks in Run-Up to Midterms
September 5, 2022American Banker looks at the legislative landscape for financial institutions in the run-up to the mid-term elections.
- NCUA Allows for CUNA-Requested Flexibility in IRR Framework
September 2, 2022NCUA issued a Letter to Credit Unions (22-CU-09) Thursday updating its Interest Rate Risk (IRR) supervisory framework. CUNA wrote to NCUA last week sharing credit unions’ IRR concerns and requesting NCUA change its policies to provide greater examiner flexibility.
- Nussle: Notary Modernization Would Benefit Consumers
September 2, 2022It's time for Congress to make remote online notary (RON) a permanent option for homeowners and homebuyers nationwide, CUNA President/CEO Jim Nussle wrote in RealClearPolicy. In Virginia, notarizing a document “remotely” is already permissible. In fact, Virginia became the first state in 2012 to formally authorize and provide a legal framework for such notarizations. A national standard and broader acceptance of such services will make it easier for Virginia-based credit unions to utilize this option.