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5 things to know this week
NAFCU's widely read NAFCU Today is credit union leaders' go-to source for the latest on issues impacting the credit union industry. For those short on time, here's a roundup of this week's top need-to-know updates and resources.
CISA, FBI, Treasury, and FinCEN send out advisory on newly founded ransomware
The Cybersecurity and Infrastructure Security Agency (CISA), the Federal Bureau of Investigation (FBI), Treasury Department and the Financial Crimes Enforcement Network (FinCEN) published a joint cybersecurity advisory regarding a new ransomware variant, MedusaLocker. Of note, the ransomware encrypts a victim’s data and leaves a ransom note with communication instructions in each folder containing an encrypted file. The note then directs victims to provide ransomware payments to a specific Bitcoin wallet address. Read more on the advisory.
SCIF now available in several languages
The Supplemental Consumer Information Form (SCIF) is now available in Spanish, traditional Chinese, Vietnamese, Korean, and Tagalog in addition to English. The Federal Housing Finance Agency announced in May that the government-sponsored enterprises (GSEs) will require lenders to fill out the form as part of the application process for loans that will be sold to the GSEs with application dates on or after March 1, 2023. The purpose of the SCIF is to collect information about the borrower's language preference, if any, and on any homebuyer education or housing counseling the borrower received, so lenders can better understand borrower needs during the home buying process.
Fannie Mae’s HPSI sees decrease
Fannie Mae’s Home Purchase Sentiment Index (HPSI) decreased 3.4 points in June to 64.8, its second-lowest reading in a decade. The survey results revealed consumers appear increasingly frustrated by the housing market and the larger economy. Surveyed consumers continue to express pessimism about homebuying conditions, with only 20 percent of respondents reporting it’s a good time to buy a home, while the percentage of consumers who believe it’s a “good time to sell” fell from 75 percent to 68 percent in June. More on the HPSI results.
Over half of Americans believe financial independence is attainable
A National Financial Educators Council (NFEC) survey administered in June 2022 assessed individuals’ attitudes and emotions around money management and how confident they feel about making personal finance decisions. According to the results, NFEC says many adults around the United States maintain a sense of optimism about their financial futures. Read more about the findings.
An overview of ‘Stagflation’
Due to Russia’s invasion of Ukraine combined with rising inflation in the United States, the public remains concerned about a potential “stagflation” in the economy. According to Bloomberg, the term is a combination of the words “stagnation” and “inflation,” and describes an economy with high unemployment and little to no growth even as prices rise faster than normal. It’s a rare occurrence since economists believe that unemployment and inflation typically move in opposite directions. In addition, according to The Wall Street Journal, despite rising inflation and low supply, Americans are starting to dip into their savings accumulated over the course of the coronavirus pandemic to cope, allowing customers to “stay in the game.”