While votes are still being tallied and several races have yet to be finalized as of 12 a.m. Eastern, Republicans were leading in the House with 183 seats to Democrats’ 146. In the Senate, which was expected to be a toss-up, each party had 46 seats secured.
NAFCU Chief Economist and Vice President of Research Curt Long joined CUbroadcast host Mike Lawson to discuss the latest economic news and what it means for credit unions.
NAFCU joined with the Defense Credit Union Council (DCUC), the Veterans of Foreign Wars (VFW), and CUNA Mutual Group to request that the NCUA amend the definition of “qualified charity” in part 721.3 of the agency’s regulations to include 501(c)(19) veterans’ organizations.
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NAFCU’s Regulatory Committee met Tuesday and discussed several proposals that are open for comment from federal financial regulators, including the NCUA, Small Business Administration (SBA), CFPB, Treasury Department, Federal Trade Commission (FTC), and more.
Total consumer credit rose 6.5 percent at a seasonally adjusted, annualized rate in September and is up 7.9 percent compared to a year ago. Revolving credit – primarily credit cards – rose 8.7 percent and is up 5.8 percent compared to September 2021. Non-revolving credit – primarily auto loans and education loans – rose 5.7 percent during the month and is up 5.8 percent from a year ago.
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