The NCUA Board is set to meet next week and on its agenda are items to finalize its 2023-24 budget, review the normal operating level (NOL) for the Share Insurance Fund (SIF) for 2023, and propose a rule related to financial innovation.
NAFCU's widely read NAFCU Today is credit union leaders' go-to source for the latest on issues impacting the credit union industry. For those short on time, here's a roundup of this week's top need-to-know updates and resources.
Sen. Ben Cardin, D-Md., Thursday introduced the Small Business Administration (SBA) Reauthorization Act targeted at improving and modernizing existing SBA programs as well as implementing new programs focused on underserved areas.
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The NCUA Thursday released third quarter call report data, which showed federally-insured credit unions continued to see growth in lending, assets, and insured shares. The amount of credit union members also increased to 134.3 million members.
NAFCU’s Cybersecurity and Payments Committee was joined by the association’s Digital Assets Working Group for a joint meeting yesterday to discuss recent developments in markets for digital assets and future implementation of section 1033 of the Dodd-Frank Act. Notably, the group was joined by NCUA Vice Chairman Kyle Hauptman.
In a new op-ed for CUInsight, NAFCU President and CEO Dan Berger urged lawmakers to pass “legislation that has broad bipartisan, industry, and public support” to end the year with a “commonsense win.” That legislation: the NAFCU-backed Secure and Fair Enforcement (SAFE) Banking Act.
Total consumer credit rose 6.9 percent at a seasonally adjusted, annualized rate in October and is up 8.1 percent compared to a year ago. Revolving credit – primarily credit cards – rose 10.4 percent and is up 15 percent compared to October 2021. Non-revolving credit – primarily auto loans and education loans – rose 5.8 percent during the month and is up 6 percent from a year ago.
