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.
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.