President Joe Biden gave his 2023 State of the Union address Tuesday evening. While much of the speech provided insights into how the administration is working to strengthen the U.S. economy and support workers, Biden also repeated a misleading claim about the CFPB’s credit card late fees proposal.
Federal Reserve Chairman Jerome Powell spoke publicly for the first time since the January jobs report, which NAFCU Chief Economist and Vice President of Research Curt Long said “smashed expectations.” In his comments, Powell said the latest jobs report highlights why the inflation fight “is likely to take quite a bit of time.” He added that the Fed does not predict a smooth fall back to the 2 percent target, and that the central bank will likely “have to hold policy at a restrictive level for some time.”
Ahead of today’s House Financial Services Subcommittee on Financial Institutions and Monetary Policy hearing on revamping and revitalizing banking, NAFCU’s Brad Thaler offered input on areas of financial services regulation that need updating to help credit unions continue to best serve their members.
Today, the House Financial Services Subcommittee on Capital Markets holds a hearing to discuss improving access to capital for small businesses. Ahead of the hearing, NAFCU Senior Vice President of Government Affairs Greg Mesack wrote to the subcommittee, reiterating the crucial role of credit unions when it comes to providing capital to small businesses and entrepreneurs, especially in the current economic landscape. The association also expressed support for the subcommittee’s goal of strengthening Main Street small businesses.
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