Also: FOMC cuts rates for 3rd time; Consumer protection focus of NCUA webinar
NAFCU TODAY | The News You Need Daily.
October 31, 2019
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'Skinny' NDAA proposed; CU-opposed provision removed [ [link removed] ]
Senate Armed Services Committee Chairman Jim Inhofe, R-Okla., has offered a "skinny" version of the fiscal year 2020 National Defense Authorization Act (NDAA) that does not include a NAFCU-opposed provision that would treat big banks the same as a local, not-for-profit credit union when it comes to nominal leases on military bases.
Fed cuts rates for 3rd time in 2019 [ [link removed] ]
The Federal Open Market Committee (FOMC), as expected, cut interest rates by 25 basis points Wednesday at the conclusion of its two-day monetary-policy setting meeting. The federal funds target rate is now set at a range of 1.5 to 1.75 percent.
PALs II, HMDA, more to be covered in NCUA webinar [ [link removed] ]
The NCUA will host a webinar Nov. 19 to provide credit unions with information on a range of consumer protection topics, including the agency's expanded payday alternative loans (PALs II) program. Registration is now open for the event scheduled to begin at 2 p.m. Eastern.
GDP beats expectations in Q3 [ [link removed] ]
The U.S. economy grew 1.9 percent in the third quarter, according to the Commerce Department's initial GDP estimate. Although it beat forecasts, the growth rate slowed slightly from the previous quarter and was the slowest since the end of 2018.
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