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 number of U.S. properties starting the foreclosure process jumped 12% in October, according to Irvine, Calif.-based RealtyTrac. This marks the largest monthly increase since August 2011 when starts surged 24%.
Despite recent reports of strong payroll expansion for the overall economy, prospects for job gains at small businesses remained largely flat in October, according to the Intuit Small Business Employment Index.
Payroll expansion exploded in October, offsetting two consecutive weak monthly performances and potentially arming the Federal Reserve with enough justification to raise interest rates at its December meeting.
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.