Consumer credit remains 'solid'
"Despite heightened risks to the economy, consumer sentiment and spending are strong," said NAFCU Chief Economist and Vice President of Research Curt Long following the release of data that revealed total consumer credit rose 5 percent in May (seasonally-adjusted, annualized) and is up 5.2 percent versus a year ago.
"Consumer credit growth was solid for a second consecutive month in May," said Long in a NAFCU Macro Data Flash report. "In a reversal of longstanding trends, the revolving loan segment led the way in April and again in May, averaging 8 percent annualized growth over those two month. … Delinquency rates have been rising for auto and credit card loans, but are generally on par with pre-crisis levels."
Total consumer credit for credit unions decreased 0.3 percent in May from the previous month, compared to a 1.1 percent increase for banks and a 0.4 percent increase for financial companies. From a year prior, total consumer credit at credit unions rose 9 percent, while banks saw a 5.2 increase and financial companies saw a 0.3 percent decline.
Credit unions now own 11.7 percent of the market, up 0.4 percentage points from a year ago. Meanwhile, financial companies' market share fell from 13.9 percent to 13.1 percent over that period, and banks' share remained unchanged at 41.5 percent.
Can Credit Unions Purchase Participation Loans?
Add to Calendar 2023-03-28 14:00:00 2023-03-28 14:00:00 A Deep Dive into FedNow Service Features and 24/7/365 Operations Join part 2 of this FedNow webinar series to deepen your knowledge of FedNow Service features and capabilities to prepare your credit union for 24/7/365 operations. Join Director of FedNow Product Management, Stephanie Miracle, and you’ll explore important operational topics that are top of mind for credit unions including release 1 features, reconcilement, accounting changes, reporting, liquidity management, fraud and risk mitigation, ISO 20022, and how to work with your service provider. Operations, technology and business development staff will find this webinar particularly valuable as they consider tactical next steps to convert to always-on payment operations. Key Takeaways Examine specific FedNow operational topics including reporting, reconcilement, seven-day accounting, liquidity management, ISO 20022 and more. Learn about fraud and risk considerations that are inherent to instant payments, and the Federal Reserve’s fraud mitigation approach and tools. Discover how to best engage with your service provider partners as you embark on your instant payments implementation journey. Register Now Registration is Complimentary, but you must register to view.One registration gives your entire team access to the live webinar and on-demand recording until March 28, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend? Credit union accounting and finance management NCRMs and risk titles NCCOs and compliance titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU email@example.com America/New_York public
A Deep Dive into FedNow Service Features and 24/7/365 Operations
Credits: NCCO, NCRM
Add to Calendar 2023-03-28 14:00:00 2023-03-28 14:00:00 SECURE 2.0: Creating a New Retirement Plan Foundation About the Webinar The SECURE 2.0 Act of 2022 was passed by Congress and signed into law by the President on December 26th 2022. The law contains 92 provisions, many of which are designed to expand retirement savings and coverage and simplify retirement plan rules. A number of these provisions will serve as the foundation for new plan formation among small businesses and may propel overall increased participation and savings rates. This is one of the largest pieces of retirement plan legislation in some time. This legislation has been anticipated for nearly a year, with key features contained in previously proposed bills presented over the last several years. While some of these features are identical to what was previously proposed, others have been modified to some extent in the final version of the law. Watch On Demand Web NAFCU firstname.lastname@example.org America/New_York public
SECURE 2.0: Creating a New Retirement Plan Foundation
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