WASHINGTON - (09/22/04) -- The Federal Reserve, as expected,raised the target rate for overnight FedFunds by 25 basis pointsagain, Tuesday, pushing the benchmark rate for short-term loans to1.75%. The rate hike, the third in the past three months, isexpected to put greater pressure on credit unions to raise theirown savings and loan rates, according to Jeffrey Taylor, a NAFCUeconomist. "What credit unions need to start thinking about isrepricing," Taylor told The Credit Union Journal, noting thataverage savings rates at credit unions have been unchanged sinceJune, when the Fed first raised the overnight rate from a50-year-low of 1%. Otherwise, he said, credit unions are going tohave a hard time growing or retaining savings in the face of higherrates paid by competitors. They should also consider lifting theirloan rates, which continue to lag those charged by banks and othercompetitors, he added. Data compiled by DataTrac Corp. shows theaverage rates paid by credit unions have been unchanged at all-timelows of just 0.73% for regular shares; and 0.44% for share drafts(checking), since June, despite the Fed's actions.
-
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