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ARLINGTON, Va.—The 2% economic growth during the second quarter is being credited to "a standout performance from U.S. consumer” by NAFCU’s Curt Long. Nevertheless, the good news comes with a caveat, according to Long: "There is an undeniable fragility in the economy, and any slippage from the consumer would almost certainly mean a recession is nigh."

SAN FRANCISCO—Wells Fargo & Co. has announced plans to pilot an internal settlement service using a homegrown cryptocurrency backed by fiat money, starting with the U.S. dollar.

WASHINGTON–While “traditional banks and credit unions wage fierce battles over market share, tax status, and a host of regulatory issues,” Inclusiv has issued a statement that CDFI banks and CDFI credit unions are working  together to combat poverty.

TAMPA, Fla.–Grow Financial Credit Union has named a successor to CEO Robert Fisher, who plans to retire at the end of the year after nearly 30 years. The credit union said it has selected Thomas Feindt to succeed Fisher. Feindt is current executive vice president.

WASHINGTON—A bipartisan group of senators led by Sens. Mark Warner (D-VA) and Tom Cotton (R-AK) has introduced the Illicit Cash Act (S.2563), which would require companies to register their owners with the Treasury Department's Financial Crimes Enforcement Network (FinCEN) and seek to modernize and improve the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) efforts.

SEATTLE–Credit unions already facing stiff challenges in payments and in recruiting and retaining staff in a tight market now face a new standard: a company paying a minimum $70,000 annual salary to all employees.

FREEPORT, Bahamas–Additional updates on conditions in the Bahamas, as well as on its credit unions and their members following Hurricane Dorian, continue to be received by the World Council of Credit Unions.

WASHINGTON—Support for NCUA's proposed guidance that would allow credit unions to more easily hire job candidates with minor criminal records, is being offered by NAFCU, which said the proposal "ensures the safety and soundness of credit unions while extending opportunities to qualified candidates."

MADISON, Wis.—More than $100,000 in donations have been made to the Worldwide Foundation for Credit Unions’ Project Storm Break fund in the wake of Hurricane Dorian, which hit the Bahamas especially hard. The new donations bring the total amount donated to more than $200,000, the Foundation reported.