WASHINGTON (3/16/16 UPDATED 2 p.m. ET)--The Credit Union National Association (CUNA) released the following statement in response to today’s decision by the Federal Open Market Committee (FOMC) to hold off on a rate increase:
"It was no surprise that the FOMC stood pat on the Fed funds rate at today’s meeting,” said CUNA Chief Economist/Chief Policy Officer Bill Hampel. “CUNA still believes the Fed will raise short-term interest rates several times in 2016, potentially reaching the rate of 1% by the end of the year.”
CUNA’s compliance staff was recently asked about a garnishment order for a member’s that receives federal benefits. The credit union determined the member did not have enough and the member asked the order be paid in full using those funds.