NCUA Board approves 7 percent budget increase

The NCUA Board held its December meeting Thursday, during which it unanimously approved the final budget for 2024 that incorporated some of NAFCU’s recommendations. The 2024 budget will be 7 percent higher than 2023 and includes a 16.36 percent increase in operating fees for credit unions. The original proposed budget included a 19.61 percent increase in operating fees and was 9.5 percent higher than this year.

New congressional report details consequences of interchange legislation

The independent Congressional Research Service (CRS), a service offering research and analysis to Congress, released a report this week on the consequences if the interchange legislation led by Sens. Roger Marshall, R-Kansas, and Dick Durbin, D-Ill., were to pass. NAFCU and several other financial services group have sounded the alarm to lawmakers on the collateral damage this big-box bailout bill – the so-called Credit Card Competition Act (CCCA) – will impose on consumers.

NDAA awaits President Biden’s signature after House passage

The House passed the fiscal year 2024 National Defense Authorization Act (NDAA) Thursday, moving the bill to President Joe Biden’s desk for signature. The final legislation does not include several NAFCU-opposed provisions – a win for the credit union industry.

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Q3 CU trends reveal the industry is in ‘solid shape’

“Industry results from the third quarter show that in terms of immediate safety and soundness concerns, the industry is in solid shape. That is exemplified by the fact that the net worth ratio climbed above 11 percent for the first time since the pandemic,” said NAFCU Chief Economist and Vice President of Research Curt Long in response to recent call report data.

November retail sales rebound from small decline

Total retail sales increased 0.3 percent in November, compared to a 0.2 percent decline in October. NAFCU Vice President of Research and Chief Economist Curt Long analyzed the report in a new NAFCU Macro Data Flash report.