Inflation Pressures Are Easing but Rate Cut Forecast Remains Uncertain

The New Year is beginning where the old one ended -- with uncertainty about when – or whether – the Federal Reserve will begin cutting interest rates.

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Two customer satisfaction surveys convey different messages to credit unions.  One sends accolades while the other sounds a cautionary note.

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Like a car with worn tires, the U.S. economy is struggling to gain traction. It’s not skidding off the road and it is heading generally toward recovery. But it’s not there yet. And while the forward momentum is encouraging, the slipping and sliding is making for an uncomfortable and unsettling ride.

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Borrower interest in reverse mortgages is increasing, and so are concerns about them. Citing a long list of those concerns in a recent report, consumer advocacy groups are urging the new Consumer Financial Protection Agency to increase oversight of the loans, which lenders have begun marketing more aggressively as demand for other loan products (including subprime mortgages) has waned.

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Consumer advocates are assailing a Federal Reserve proposal that would scale back (opponents say “eviscerate) the right of borrowers to rescind a loan found to have predatory characteristics. Attorneys have successfully used the right of rescission, which can be exercised for up to three years after a loan is originated, to extricate borrowers from high-cost loans on which payments have adjusted beyond the consumers’ ability to repay.