MADISON, Wis. - (06/02/06) The Feds tugging ofshort-term rates higher has apparently slowed loan demand at creditunions so far this year, with loans growing just 0.8% in April andby a three-year low of just 1.6% for the first four months of theyear. Loan demand for used cars, adjustable-rate mortgages and homeequity lines of creditproducts closely tied to short-termrates, all declined in April, as the Fed continued to push the ratefor overnight FedFunds to a five-year high, CUNA reported Thursday.But deposit growth has also stagnated in the first part of theyear, with shares declining 0.5% in April, and growing by a 10-yearlow of just 2.7% for the first four months. More than $3 billion indeposits flowed out of the credit union system in April, the tradegroup reported. Regular shares, money market accounts and sharedrafts all declined for the month, as credit unions have been slowto raise their rates to attract new funds.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
July 4 -
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