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ARLINGTON, Va.–At the beginning of this year there was a general consensus among economists both inside and outside of credit unions that the latter half of 2023 would see a mild recession. Now, one CU economist says that seems unlikely, and a recession in 2024 remains an uncertainty, as well.

WASHINGTON—NAFCU and CUNA have joined with eight other financial services trade organizations in a joint letter to Congress that addresses what the groups say are the “detrimental impacts” the proposed Credit Card Competition Act will have on consumers, credit unions, and other financial institutions.

MIAMI, Fla.–University Credit Union has named a new president and CEO.

BANNOCKBURN, Ill.–Great Lakes Credit Union (GLCU) said it has launched its Foundation for Financial Empowerment, a 501(c)(3) nonprofit organization.

WASHINGTON—With Treasury Secretary Janet Yellen appearing before Congress this week, NAFCU has sent a letter to members of the House Financial Services committee expressing concerns it has over issues it said will affect credit union.

BASINGSTOKE, U.K.– The value of digital prepaid card transactions will exceed $3.98 trillion globally by 2028, up from $528.7 billion in 2023, according to a new study from Juniper Research.

OAK RIDGE, Tenn.–Y-12 Federal Credit Union said it has developed and launched a program called Y-Fi @ Work, which it is describing as a comprehensive financial education program dedicated to supporting organizations that actively seek to engage their employees on the importance of financial independence.

WILLIAMSPORT, Penn.–Horizon FCU said it is moving to eliminate all of its certificates of deposit with the exception of those with 12-month terms—and then plans to eliminate those in 2024.

JUNEAU, Alaska–A Juneau man who formerly worked for an armored car service has pleaded guilty to charges of theft, embezzlement, and misapplication of funds by a person connected in a capacity with a bank and credit union for stealing nearly $580,000.

ATLANTA—The U.S. Court of Appeals for the Eleventh Circuit has sided with Chase Bank in a Fair Credit Reporting Act (FCRA) lawsuit, determining the bank upheld its requirements under the law to conduct a “reasonable” investigation into the plaintiff’s dispute of inaccurate information furnished to the credit reporting agencies (CRAs).