Richard & Associates News Summary

Weekly News Summary

Here are some things that were in the news last week. Please share these articles with your Supervisory Committee and Board of Directors. If you missed previous editions of the weekly news, summaries of those can be viewed at our archive.

Have a great week!

Mike Richards, CPA

Economic and Industry Issues

Knowledge is the key to effective corporate governance. Staying abreast of economic

and industry issues affecting your credit union will prepare you for those responsibilities.

Gain momentum and propel the board forward Read More

Fed expects to keep supporting economy ‘for some time,’ minutes show Read More

Regulatory and Accounting Issues

Regulatory and accounting issues are changing all the time. Staying abreast of those changes

is an important part of the corporate governance.

Appeals court: Websites not subject to ADA Read More

Interim final rule provides CUNA-League sought PCA flexibility Read More

Fraud Awareness

As you will see from reviewing these articles, fraud can happen in any credit union. Staying vigilant is the key to preventing your credit union from being the next victim.

Former Apple Store manager indicted in $1.5 million COVID relief fraud case Read More

A fugitive for two years, Danville embezzlement suspect arrested after running from gunfire Read More

Former credit union CEO pleads guilty to embezzlement, tax charges Read More

8 Best Fraud Prevention Tactics for 2021 Read More

Comments

Mortgage Rates See Biggest Decline in a Year; Applications Rise

WASHINGTON–Mortgage rates saw the biggest one-week drop in over a year last week, causing the first increase in mortgage demand in a month, according to new data. Total mortgage application volume rose 2.5% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 7.61% from 7.86%, with points falling to 0.69 from 0.73 (including the origination fee) for loans with a 20% down payment. The Rate Driver "Last week's decrease in rates was driven by the U.S. Treasury's issuance update, the Fed striking a dovish tone in the November FOMC statemen

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Growing Delinquencies, Especially in Auto Loans, Can be Seen in New CUNA Report

MADISON, Wis.–Ongoing increases in delinquencies, especially in automobile loans, can be seen in the new CUNA Economic Update . According to CUNA Chief Economist Mike Schenk, the report shows: Mortgage delinquencies. With data obtained by Equifax, CUNA economists said they have found “slight upward movements” in mortgage delinquency rates. Credit card delinquencies. Bigger increases in delinquency rates relative to the cyclical low – as seen during the COVID-19 pandemic – is concerning, said Schenk. Auto loan delinquencies: Data shows a “dramatic” increase in delinquency rates among institutions such as auto financing companies. CUNA Forecast CUNA’s economists are forecasting delinquency rates will peak at 1% by the end of 2024.

Read Complete Article HERE>»

Speakers & Sessions For NCOFCU 24 San Antonio TX.

National Council of Firefighter Credit Unions Inc (NCOFCU) Speakers and Schedule! It is the National Council of Firefighter Credit Unions (NCOFCU) "GO TO Conference" for credit unions serving first responders! Who should attend? CEO's, VP's Directors and Staff See What's Planned Register Here! Bring your spouse, bring a guest to enjoy San Antonio, TX River Walk 4 Days Golf 16 + Sessions Alamo Reception Closing Dinner Right on the San Antonio River Walk Several Networking events Open Forums Idea Exchange Events Panel Discussions of CU Leaders National & Industry Speakers Trends in First-Responder Credit Unions Director & Volunteer Sessions Exhibitors ShowcaseAnd So Much More! HOTEL REGISTER HERE

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Firefighter Credit Union Newsroom

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