ST. PETERSBURG, Fla.—Consumer purchasing activity is softening even as inflation shows signs of contracting, PSCU is reporting.
THE news
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.
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.
MADISON, Wis.–While lending was up by double-digits at all credit unions through February, once again it was the largest credit unions leading the way, according to CUNA Mutual’s newest Trends Report.
BANNOCKBURN, Ill.– Great Lakes Credit Union has lowered its par value share minimum to $1 from $5. The credit union said the decision “represents a significant step toward increasing financial accessibility” for individuals and families in the community, as the lowered par value reduces the barrier of entry for GLCU members.
LAWRENCEVILLE, Ga.—The recent trend of increasing used vehicle values shifted into reverse in April, Black Book reported.
WASHINGTON–With the Federal Reserve largely expected to raise rates another 25 basis points before it adjourns its May meeting on Wednesday, a new analysis by WalletHub has found the 500 basis points in increases since March 2022 will cost people with credit card debt at least $33.4 billion over the next 12 months.
COSTA MESA, Calif.–Banking customers are increasingly concerned over the stability of the U.S. banking system, according to a new survey conducted by J.D. Power.
WASHINGTON– NCUA has joined with four other federal financial regulatory agencies and state credit union regulators in issuing a statement that the use of United States Dollar LIBOR (USD LIBOR) panels will end on June 30, 2023.
WASHINGTON–With the House busy this week attempting to pass legislation around the federal debt limit, and with the Senate focused on judicial nominations, there are numerous hearings this week on Capitol Hill that credit unions are watching.