Wacky week ahead in D.C. will impact credit unions

For better or worse, this is shaping up to be one of these key weeks in Washington that will impact your credit union operations. Here’s what you should be keeping an eye on:

First, President Trump used this somewhat bizarre video to announce that he would shortly be picking his choice to be the next Chairman of the Federal Reserve. Don’t fool yourself, the Federal Reserve Chairman is the second most powerful person in Washington. And the selection of a replacement for Janet Yellen, whose term expires in February 3, 2018, is particularly important given the many uncertainties that surround the economy. Rarely have there been so many good arguments for taking divergent paths on interest rates.

Second, the tax battle will take center stage as the House leadership unveils a tax legislation on Wednesday. Now we get to see who wins and who loses, setting off a frenzy of lobbying, the likes of which we haven’t seen since the last major tax overhaul in the mid 80’s.

continue reading »

More News