The Federal Open Market Committee (FOMC) Wednesday released minutes from its June meeting that revealed participants agreed that the economic outlook warranted moving to a restrictive stance of policy, and they recognized the possibility that an even more restrictive stance could be appropriate if elevated inflation pressures persisted. In addition, participants judged an increase of 50 or 75 basis points would likely be appropriate at its July meeting. During its June meeting, the FOMC announced its largest rate hike since 1994, raising the federal funds target rate by 75-basis points to a range of 1.5 to 1.75 percent.
The NCUA along with the Federal Reserve, the Federal Insurance Corporation, the Office of the Comptroller of Currency, and the Financial Crimes Enforcement Network, Wednesday issued a joint announcement reiterating their long standing position on banks and credit unions using a risk-based approach when assessing individual customer risks.
As credit unions work to meet the needs of more than 131 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog, published every Monday and Wednesday.
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