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.
The percentage of homes in foreclosure as a share of the overall housing market continues to drop, as only 463,000 homes, or 1.2% of all mortgaged homes were in the foreclosure process in October, according to CoreLogic.
The New York Times published an in-depth look Monday at the effort by big banks to oust and supplant mortgage giants Freddie Mac and Fannie Mae in hopes of capturing their share of the $5.7 trillion U.S. housing loan market.
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.