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.
Confident in both the direction of the labor market and the prospects for inflation, the Federal Reserve Wednesday raised interest rates for the first time since before the financial crisis--a move that will have a subtle effect on credit unions.
WASHINGTON (12/16/15 UPDATED 1:22 p.m. ET)--The last time the Federal Reserve hiked interest rates, the United States was still two years away from watching the economy crumble under its feet. Nearly a decade later, the Fed has finally decided to begin reining in its gracious monetary policy stance, and today announced it would raise rates by a quarter point.
If lenders are looking for more evidence as to why first-time homebuyers have yet to enter the market, here it is: Nearly half of all U.S. renters struggle to make monthly rent payments, according to a recent study from Harvard University’s Joint Center for Housing Studies.
Consumer Financial Protection Bureau Director Richard Cordray will step down from the agency by the end of the month after serving since 2013. CUNA President/CEO Jim Nussle said CUNA looks forward to a new era at the bureau, one that takes credit unions’ structure and purpose into account during rulemakings.
Credit unions now have less than six months to come into compliance with FinCEN's Customer Due Diligence rule, effective May 11, 2018, which includes provisions on identifying the beneficial owners of legal entity accounts.