The Federal Reserve released its Beige Book yesterday, revealing economic activity increased slightly since late May. However, consumer spending was mixed, with growth stemming from consumer services, though some retailers reported shifts away from discretionary spending.
The Senate Appropriations Committee today is set to markup its version of the fiscal year 2024 Financial Services and General Government (FSGG) appropriations bill. Ahead of the markup, NAFCU Vice President of Legislative Affairs Brad Thaler called on the committee to provide full funding for the Community Development Financial Institutions (CDFI) Fund and the Community Development Revolving Loan Fund (CDRLF), as well as the Financial Crimes Enforcement Network (FinCEN).
NAFCU Wednesday sent members two Regulatory Alerts discussing recent updates from the NCUA: changes to the agency's Minority Depository Institution (MDI) Preservation Program and a request for comment (RFC) on changes to the operating fee methodology.
On a seasonally-adjusted basis, overall consumer prices rose 0.2 percent in June, with the overall consumer price index (CPI) rising 3.1 percent year-over-year. NAFCU Economist Noah Yosif breaks down the data in a new Macro Data Flash report.
As credit unions work to meet the needs of more than 137 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog every Monday and Wednesday.
