WASHINGTON—During its recent meeting, the CFPB's Credit Union Advisory Council and senior staff with the Bureau discussed economic conditions and the payments system, NAFCU reported.
According to the trade group, on economic conditions, the group discussed how consumers are adjusting to the higher interest rates on mortgages and consumers loans, the Federal Reserve’s most recent Beige Book, recent increases in outstanding credit card debt, and risks the Bureau should focus on in 2024.
Other Topics Discussed
In addition, the group talked about the current state of the payments system, including consumer expectations regarding real-time payments, such as Zelle and the Federal Reserve’s FedNow, as well as nonbank payment providers like Venmo and CashApp, NAFCU reported.
The group also discussed FedNow implementation and challenges involved with real-time payment solutions, NAFCU added.
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