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.
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.