WASHINGTON - (07/02/04) -- Credit unions are expected to takeand wait and see attitude to Wednesday's Fed rate cut beforeraising their dividend rates, which have hit rock bottom over thelast few months. "Credit unions are going to lag in raising theirdividend rates because even though they're so low, they're stillhigher than what the banks are paying," Bill Hampel, chiefeconomist for CUNA, told The Credit Union Journal. Average ratespaid by credit unions and banks have plunged to what are believedto be all-time lows this year. Data compiled by DataTrac Corp.,which tracks 1,000 credit unions, show the average rate paid onregular shares fell this week to a paltry 0.73%; while the averagefor share drafts (checking) dipped to an anemic 0.44% and for moneymarket shares to just 0.92%. But those still represent a bargaincompared to what the banks are paying: 0.46% for regular savings;0.33% for checking; and 0.52% for money market accounts.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
July 3 -
Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
July 3 -
The Federal Reserve has banned a Wyoming bank employee from the banking industry for embezzling more than $30,000 from a charity.
July 3