CU-Vues: July 27, 2017

vuesNew York credit unions and the Second World War
The credit union movement had flourished in the 1930s, but a new decade brought a second world war and a new concern: inflation. The U.S. government attempted to curb inflation by issuing Regulation W, which limited the time allowed for repaying loans. It also severely restricted the granting of installment credit. Savings growth diminished, and the number of loans dropped. As a result, the organization of credit unions slowed, and many credit unions were forced to liquidate.

Despite this challenge, credit unions did their part to aid the war effort by selling war bonds. New York credit unions raised enough through their war bond drive to build seven bombers and four pursuit ships, earning them a citation from the U.S. Treasury Department recognizing their efforts.

After the war, credit unions began to bounce back from the effects of Regulation W.

By 1950, New York was the home of 790 credit unions with 364,824 members and assets totaling $67,658,719.

star3 The 2017 Northeast Economic Forum will feature an impressive lineup of economists, policy experts and credit union industry insiders – The Point

star3 NCUA on Aug. 16 will host a free webinar on the agency’s new Learning Management Service – NCUA

star3 The House took the first step toward nullifying the CFPB’s arbitration rule, approving a resolution that would void the regulation – CU Times

star3 In the changing financial services landscape, credit unions aren’t likely to get “top-of-wallet” status from members without a digital payments strategy – CU Journal

star3 Despite a decrease in sales, the housing outlook remains positive due to a strong labor market and improving rates of household formation – CUToday

star3 A group of investors and entrepreneurs have announced a plan to create what they are calling Bitcoin Cash, which will rival the original Bitcoin – New York Times

star3 The Federal Reserve kept interest rates unchanged on Wednesday and said it expected to start unwinding its balance sheet “relatively soon” – Reuters

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