NAFCU Senior Counsel for Research and Policy Andrew Morris Tuesday wrote a letter to the Treasury Department in response to its request for comment (RFC) on the responsible development of digital assets, fulfilling its consultative requirement under President Joe Biden's Executive Order on Ensuring Responsible Development of Digital Assets. Through the RFC, the Treasury Department requested feedback on implications of the development and adoption of digital assets, such as a central bank digital currency (CBDC), and the changes that could be expected in financial markets and payment systems. Of note, NAFCU last month sent members a Regulatory Alert breaking down the RFC.
Ginnie Mae Thursday announced that it will exclude federally insured credit unions and state housing finance agencies (HFAs) from its capital requirements and recognize them as insured depositories regulated by a prudential regulator, providing them parity with banks.
Total consumer credit rose 10.5 percent, at a seasonally adjusted, annualized rate, in June and is up 7.7 percent compared to a year ago. Revolving credit - primarily credit cards - rose 16.0 percent this month and is up 13.8 percent compared to June 2021. Non-revolving credit – primarily auto loans and education loans – rose 8.8 percent this month and is up 5.8 percent from a year ago.
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