The Bureau of Economic Analysis released it preliminary estimate of first quarter gross domestic product Thursday, and the 0.5% annual growth rate was even weaker than the 1.25% forecast of CUNA’s economists.
WASHINGTON (3/23/16)--U.S. house prices increased one-half of one percent in January, matching the revised jump for the previous month of December, according to the Federal Housing Finance Agency monthly House Price Index.
WASHINGTON (3/17/16)--The Federal Open Market Committee not only held off on raising interest rates Wednesday, but the Federal Reserve’s monetary policy-making body also divulged that it likely only will raise interest rates twice in 2016, a stark departure from recent forecasts.
WASHINGTON (3/16/16 UPDATED 2 p.m. ET)--CUNA released the following statement in response to today’s decision by the Federal Open Market Committee 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.”
WASHINGTON (2/18/16)--The stock market volatility that followed the Federal Reserve’s first rate hike since the financial crisis--in addition to economic strife abroad--gave the Federal Open Market Committee pause during its January meeting, minutes from the meeting show.
WASHINGTON (2/5/16)--The Federal Reserve’s decision in December to nudge the federal funds rate higher appears to have had little effect on the housing market, as mortgage rates fell for the fifth straight week this week, according to Freddie Mac.
CUNA’s final rule analysis of the CFPB changes to the TRID rule is now available. The rule, published in the Federal Register this week is effective Oct. 10, with a mandatory compliance date of Oct. 1, 2018.
While proposed changes to the CFPB prepaid accounts rule provide some clarity, it will not be helpful for most prepaid card users and CUNA remains opposed to the rule’s application of Regulation Z to certain prepaid cards.
NCUA Wednesday released a package of possible regulatory reforms and urged credit union stakeholders to read and comment. According to the agency, the reforms were recommended by an internal NCUA task force.