This week: Congress shifts focus; NAFCU testifies on CU’s FOM request

Congress returns to normal business after extensive efforts to address the debt ceiling last week; President Joe Biden signed the bipartisan legislation into effect Saturday. This week, NAFCU will monitor congressional hearings and Senior Counsel for Research and Policy Andrew Morris is set to testify in support of a credit union’s request to expand its field of membership (FOM).

May jobs report ‘difficult to parse’

New data from the Bureau of Labor Statistics revealed 339,000 jobs were added in May, with a slight increase in the unemployment rate from 3.4 percent to 3.7 percent.

NAFCU Reg Alert details NACHA RFI

NAFCU released a Regulatory Alert Friday, which details the National Automated Clearinghouse Association’s (NACHA) request for information (RFI) regarding automated clearinghouse (ACH) risk management and NACHA operating rules.

GET CLOSER TO MEMBERS OF CONGRESS THAN ANYWHERE ELSE!

Don’t miss NAFCU’s Congressional Caucus this September 10 – 13, 2023 in Washington DC.  

• Get personal access to lawmakers and regulators. 
• Attend networking events, private meetings and presentations to form bonds that help policymakers trust your insight. 
• Fight for your members on Capitol Hill 

Save $200.00 with code CAUCUSAVINGS for a limited time 

May vehicle sales indicate continued long-term stability

Total vehicle sales fell from 16.5 million annualized units in April to 15.6 million units in May and were up 24 percent from the previous year. In a new Macro Data Flash report, NAFCU Economist Noah Yosif noted “[t]hese readings reflect a modest pullback from April’s dramatic surge in vehicle sales, but more importantly, indicate continued long-term stability within the industry.”