It’s not often that credit unions make the news. Recently, though, several government decisions were reached, all of which affect credit unions and their members.
1.) Fed raises rates to highest level in a decade
At the close of its policy-setting meeting on Wednesday, March 21, the Federal Open Market Committee (FOMC) announced it will increase the federal funds’ target rate by a quarter-point, from 1.5 to 1.75 percent. While this move was widely anticipated, it raises rates to a level not seen since 2008.
2.) House and Senate reach government funding deal
Congressional leaders have reached an agreement on a $1.3 trillion spending bill that will allegedly fund the government through September 2018. Hopefully, this news means a more stable economy and an increased interest in investing.
3.) FCC to talk about reassigned numbers rulemaking
The Federal Communications Commission (FCC) met on Thursday, March 22. As part of its agenda, the meeting included proposed rulemaking related to calls made to reassigned numbers and increased efforts to target illegal robocalls. The NAFCU has actively advocated for more aggressive action in this matter for a while.
4.) Rep urges NCUA to extend exam cycle for Credit Unions
Rep. Claudia Tenney, R-N.Y., asked the NCUA to consider parity and extend its exam cycle for some credit unions. On several occasions, the NAFCU has encouraged the NCUA to encourage all well-run credit unions to employ an extended exam cycle.