NAFCU joined several trades on a letter to the CFPB on Monday regarding the bureau’s request for comment on the Paperwork Reduction Act as it relates to the collection of credit card terms.
According to the NCUA's latest call report data, credit unions continued to see strong share and deposit growth during the second quarter of 2022. A similar trend to the last call report data, total assets in federally insured credit unions in the second quarter rose by 16.2 percent, or $194 billion, to $1.39 trillion over the year, representing the largest year-over-year growth in loans outstanding in at least two decades.
In a new post on the NAFCU CFO Network, NAFCU Chief Economist and Vice President of Research Curt Long detailed insights gained from the association’s meeting with Raphael Bostic, President and CEO of the Federal Reserve Bank of Atlanta, where a dozen NAFCU-member credit unions and NAFCU staff engaged with the Atlanta Fed on several topics. Attendees of the meeting shared the credit union perspective on strategic challenges, payment related issues, and financial inclusion.
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NAFCU released a new issue brief on Wednesday detailing what Congress should do to protect Americans and their credit unions from significant data privacy harms, noting that “the current patchwork of state and federal data privacy legislation and regulation is both insufficient to adequately protect any American’s data across the entire economy and unnecessarily burdensome to credit unions and other federally insured financial institutions.”
The Federal Reserve released its latest Beige Book Wednesday, which revealed that economic activity was unchanged, on balance since early July. Of note, five Districts reported slight to modest growth in activity and five others reported slight to modest softening.