Community Bankers in DC This Week, And One Traditional Item Not on Agenda 05/16/2023 07:50 pm WASHINGTON—Community bankers are in Washington this week and while their list of priorities in meeting with representatives will look familiar, one long-time item of concern is missing: credit unions.
Total Consumer Debt Surpasses $17 Trillion 05/16/2023 07:47 pm NEW YORK–Total consumer debt hit a fresh new high in the first quarter of 2023, pushing past $17 trillion even amid a sharp pullback in home borrowing, according to the New York Federal Reserve.
CU Tax Exemption Allows CUs to Serve Areas Banks Do Not, NAFCU Tells Congress 05/16/2023 07:45 pm WASHINGTON—The credit union tax exemption allows CUs “to reach out in areas banks couldn’t and serve those that banks wouldn’t,” according to a letter sent by NAFCU to Congress.
Ratings Firm Claims As Many As 4,200 FIs, Including CUs, Could be ‘Vulnerable to Failure’ 05/16/2023 07:45 pm PALM BEACH GARDENS, Fla.–An independent ratings agency has issued a statement warning that as many as 4,243 financial institutions, including credit unions, “could be vulnerable to failure.”
Fintech Lenders Have Quickly Caught Up With Traditional Lending Brands, New J.D. Power Survey Finds 05/17/2023 06:35 pm TROY, Mich.— An improved focus honed during the pandemic on delivering a streamlined digital loan process has “helped the newer crop of fintech lenders play catch-up” with traditional brands, according to a new J.D. Power study.
The Summit Hosts Annual Meeting, Presents Scholarships 05/17/2023 08:34 pm ROCHESTER, N.Y.-- The Summit Federal Credit Union (The Summit) held its annual meeting virtually and in person, where Board Chair Chris Modesti and President and CEO Laurie Baker reflected on 2022 and outlined the vision for the organization moving forward.
NAFCU, Bank Group Among Those Raising Concerns Over Changes to 7(a) Lending Program 05/17/2023 06:35 pm WASHINGTON—As the House Small Business Committee holds another hearing focused on recent rules that modify the Small Business Administration’s (SBA) 7(a) lending program, both NAFCU and one banking trade group are sharing concerns.
Total Consumer Debt Surpasses $17 Trillion 05/17/2023 06:38 pm NEW YORK–Total consumer debt hit a fresh new high in the first quarter of 2023, pushing past $17 trillion even amid a sharp pullback in home borrowing, according to the New York Federal Reserve.
Inflation May be Easing, But Member Purchasing Activity Softens in New PSCU Analysis 05/17/2023 06:35 pm ST. PETERSBURG, Fla.—Consumer purchasing activity is softening even as inflation shows signs of contracting, PSCU is reporting.
Retail Sales See a Rebound, With Results Mixed by Category 05/17/2023 06:35 pm ARLINGTON, Va.—Total retail sales increased 0.4% in April, following 0.7% declines in each of the prior two months.
