Nathan Joel’s Post

Credit Union Alert 🚨 NSF and Overdraft Fees were a topic discussed by NCUA Chairman Harper during a Q&A this week. The NCUA Chairman discussed a proposed rule for Credit Unions with assets greater than 1 billion. Opinions on the proposed rule? Comment below! 👇 #WeAre🐺

Ever wonder what determines your credit score? Here's a list the factors that impact your credit score: ✅ Payment history ✅ How much you owe ✅ Length of credit history ✅ Types of credit you have ✅ New credit accounts evergreenDIRECT Credit Union Federally Insured by NCUA

Beginning with the first quarter of 2024 Call Report, federally insured credit unions with more than $1 billion in assets are required to disclose, separately, income from overdraft and nonsufficient funds fees. For first quarter 2024, these large credit unions reported a total $915,624,727 in overdraft and NSF fees. For more info, see the Appendix of the Quarterly Data Summary Report

The Q2 State-Level Credit Union Data Report was released by NCUA. Total assets, shares and deposits, and membership at federally insured credit unions declined at the median over the year ending in the second quarter of 2024, while loans outstanding increased. Find out more: https://lnkd.in/eYCaifCq #creditunions #report #ncua #assets #deposits #membership

Interesting chart on Credit Card delinquency rates.

The proposed overdraft rule only targets the 175 banks and credit unions with assets over $10b. This bifurcation of rules depending on asset size was somewhat surprising to many. Particularly because the CFPB and NCUA have been touting the fact that large banks have significantly curtailed OD fees while credit unions have not. The outcome of the presidential election could impact whether this proposed rule actually becomes final.

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Those who lend to and take third party security and/or guarantees from individuals will be interested in the recent case of One Savings Bank plc v Waller-Edwards. In this case, the Court of Appeal considered whether there should be a new category of 'hybrid' transaction involving joint borrowers that puts a lender on inquiry of the risk of undue influence being exerted on one of the borrowers by the other. David Harris explores the topic in this briefing titled 'Undue influence – court rejects new category of "hybrid" transactions'. Please click below to read more. #DisputeResolution

I've been talking about this for awhile, we have a lot of financial institutions (banks and credit unions) who have not funded their ALLL because they don't have the profitability to do so. As these delinquencies continuing rising and charge offs increase, PLLL is going to have a material impact on profitability and will certainly cause bank and credit union failures in the coming 12-24 months. This could be a precursor to a slow down in consumer spending, which would impact GDP, and if the Fed is data dependent, rate cuts. #income #middleclass #delinquency #loanrates #loandelinquency #creditrisk #credit #interestrates #lending #consumerspending #ratecuts #rates #gdp #federalreserve #fed #banks #creditunions #data #banking #communitybanking #consumerlending #mortgagelending #loans #lendingrisk #chargeoffs #cecl #allowance #profitability #ROE #ROA #bankfailures https://lnkd.in/gEM6bZSY

Hey there! Did you know that your credit score can be affected by 8 different things? From payment history to credit utilization, it's important to keep an eye on these factors. Don't let your score suffer, stay on top of it! 💪 #CreditScoreMatters #StayInformed #FinancialWellnes