Fed SLOOS: Lending standards expected to continue tightening through 2023

The Federal Reserve’s April senior loan officer opinion survey (SLOOS) on bank lending practices examined changes in the standards and terms on demand for bank loans to businesses and households during the first quarter of 2023. According to the survey, demand for loans weakened across the board with banks reporting tightening standards. 

NAFCU calls on Treasury to reconsider ECIP information collection proposal

NAFCU Senior Counsel for Research and Policy Andrew Morris wrote to the Treasury Department to share NAFCU’s concerns with an information collection proposal for Emergency Capital Investment Program (ECIP) participants, which requests that ECIP participants report demographic information for all loans so the Treasury can measure qualified lending activity. 

New #NAFCUNation video encourages CUs to showcase the strength of the industry

NAFCU Tuesday released a new video to highlight the association’s digital and social media campaign: #NAFCUNation - which elevates the credit union industry and touts its efforts to serve millions of Americans and support local communities.

Increase Your Lending Success! 

Don't Miss NAFCU's Lending Conference

Join us in bustling New Orleans, LA on November 7 – 9, 2023. REGISTER TODAY. 

• Discover lending’s latest trends, best practices, strategies and tactics 
• NEW! Explore commercial lending strategies and best practices in special breakout sessions 
• The Big Easy has received accolades on travel lists

Save $200.00 with code LEND23SAVINGS for a limited time 

Survey deadline tomorrow: Financial literacy and education 

Credit unions are encouraged to share insights and perspectives on financial literacy and education in this month's Economic & CU Monitor survey. Responses to the survey are due tomorrow; the survey can be filled out online.

Consumer credit spikes in March

Total consumer credit grew 6.6 percent at a seasonally adjusted, annualized rate in March and is up 7.3 percent compared to a year ago. Revolving credit – primarily credit cards – rose 17.3 percent and is up 14.1 percent compared to March 2022. Non-revolving credit – primarily auto loans and education loans – rose three percent during the month and is up 5.1 percent from a year ago.