Fresh Credit Union News !
Anurag Mukherjee
Credit Union & Community Bank C-Suite Advisor | P&L and GTM | Data Scientist | Fintech Advisor & Podcaster
The third quarter’s strong growth in economic output means a recession is unlikely anytime soon, but won’t push the Fed to hike rates, a NAFCU economist said Thursday.
The U.S. Bureau of Economic Analysis reported that real gross domestic product (GDP) rose at an annual rate of 4.9% from the second quarter to the third quarter, following a 2.1% increase in the second quarter.
“GDP soared in the third quarter, putting to bed any immediate fears of recession,” NAFCU Chief Economist Curt Long said.
A new piece of legislation regarding credit cards has been introduced in the U.S. Senate. The proposed Credit Card Competition Act of 2023 (CCCA) targets credit card interchange income that issuers receive to offset costs and provide benefits in offering credit cards to their customers.
If this legislation passes, it will severely limit the benefits that cardholders receive from using credit cards and could fundamentally change how consumers can use
The Mortgage Bankers Association has slashed its forecast for commercial real estate production next year and lowered expectations for this year by 12% as it finds delinquencies are continuing to rise.
The forecast released Oct. 19 contained the MBA’s first major change in its 2024 forecast for total and multi-family loan originations. Production for this year was revised downward Aug. 3 by 23% for all loans and 20% for multi-family.
On Oct. 20, the MBA reported that the 30-day-plus delinquency rate was 5.1% for office property loans Sept. 30, up from 4.0% in June, and it was 5.0% for retail loans, up from 4.9%. The 30-day-plus rate was only 0.9% for multifamily loans in September, up from 0.7% in June
As it kicks off its REACH Conference here, the California Credit Union League is marking its 90th birthday.
What initially began as a modest volunteer organization in 1933 with a specific political agenda has evolved into a well-established, highly skilled, and professional association,” the league said. “The league’s story from 1933 to 2023 is its member credit unions’ story. It’s one of commitment, dedication, exhilaration — and at times, despair. It’s a journey through the eyes of individuals who fell in love with ideals and spent their lives helping others discover the great credit union story.”?
InRoads Federal Credit Union of Saint Helens, Ore., is planning to expand into Washington County by opening a new branch next summer in Hillsboro, Ore., and Affinity Plus Federal Credit Union has added a new branch just east of Saint Paul, Minn.
InRoads ($374.8 million in assets, 16,768 members) announced Oct. 19 that it will expand is seeking to hire bilingual staff for the 2,400-square-foot branch to meet the needs of the growing Spanish-speaking community.
Nathan Cox, who joined InRoads last spring as its president/CEO, said the goal is “to help folks along their financial journey, which is the approach we’ve had with our members in Columbia County for the last 85 years.”
Veteran credit union executive Scott Waite has been named the first CEO of Public Bank East Bay in Oakland, Calif., which is expected to open in 2024 or early 2025.
PBEB is a wholesale financial institution that will enable cities and counties throughout the East Bay to invest their funds (money collected as taxes, fines and fees) through partnerships with credit unions, community banks and CDFIs to finance affordable housing developments, small businesses including marginalized entrepreneurs, and the renovation of existing buildings. The public bank also will allow local cities and counties to refinance their municipal debt locally.? PBEB will not accept retail deposits from consumers and will not compete with local financial institutions.
Source : Cutimes, American Banker