The Federal Open Market Committee (FOMC) held its June meeting this week, where the Federal Reserve raised the federal funds target rate by 75-basis points to a range of 1.5 to 1.75 percent. In addition, the Summary of Economic Projections (SEP) revealed that the median committee member expects the target rate to rise another 175 basis points to 3.4 percent by the end of the year.
The House Wednesday passed the Financial Services Racial Equity, Inclusion, and Economic Justice Act package, in a 215-207 vote, which includes the NAFCU-backed Expanding Financial Access for Underserved Communities Act. The bill would allow all types of federal credit unions to add underserved areas to their field of membership and adds "banking deserts," areas not within 10 miles of a branch of a financial institution, to the definition of an underserved area.
NAFCU president and CEO Dan Berger Wednesday met with Representatives Tom Emmer, R-Minn., to discuss ways to champion credit unions and their 130 million members. Of note, Emmer was recently awarded the NAFCU Credit Union Champion award in recognition of his leadership and dedication supporting important credit union industry issues. NAFCU Senior Vice President of Government Affairs Greg Mesack, Vice President of Legislative Affairs Brad Thaler, and Associate Director of Legislative Affairs Lewis Plush, and Associate Director Janelle Relfe were also in attendance.
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Ahead of the House Appropriations Subcommittee on Financial Services and General Government's markup of the fiscal year 2023 budget for financial services and general government appropriations bills (FSGG), NAFCU's Brad Thaler reiterated the association's call for increased funding for the Community Development Financial Institutions (CDFI) Fund and the Community Development Revolving Loan Fund (CDRLF).
The CFPB Wednesday issued a new blog post on buy now, pay later (BNPL) and credit reporting that reviews the harms associated with BNPL providers failing to furnish data to consumer reporting agencies, and recommends three specific changes to the way in which BNPL data is reported.
The NCUA Board meets today and will receive a briefing and update on the post-exam feedback survey. The meeting, scheduled to begin at 10 a.m. Eastern, will be available via livestream on the agency’s website.
Total retail sales fell by 0.3 percent in May, following an increase of 0.7 percent in April and an increase of 1.2 percent in March. NAFCU Chief Economist and Vice President of Research Curt Long analyzed the report in a new NAFCU Macro Data Flash report.
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