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 went back to basics in a recent CompBlog entry examining floor rates on variable-rate open-end loans. These rates are governed by the Credit Card Accountability and Disclosure (CARD) Act.