Bank, Credit Union Leaders Assess Economic Risks

Executives at JPMorgan Chase and Wells Fargo said consumers and businesses remain resilient despite inflation, higher interest rates and rising oil prices, citing spending, low delinquencies, employment and wage growth, while warning that economic and geopolitical risks persist. Minnesota credit union leaders described a more uneven picture, saying uncertainty and elevated costs are weighing especially on households with depleted savings and less purchasing power, reflecting a widening divide between stronger and struggling consumers. Separately, America’s Credit Unions’ advocacy chief discussed the upcoming congressional lame-duck session and policy debates involving reconciliation, cryptocurrency and stablecoin yields.