Covers Recent Economic Trends That Can Affect Credit Unions
ALEXANDRIA, Va. (Feb. 22, 2012) – The National Credit Union Administration (NCUA) released the second video in the agency’s free “YouTube” economic update series today.
This latest video installment spotlights recent improvements in the national economic outlook and reviews implications for credit unions. For example, economists consider improving auto sales as an economic recovery indicator. New vehicle sales have picked up sharply since 2010, although overall car sales levels still remain under the 2000–2007 average of roughly 16 million vehicles sold annually.
The new video also covers federal, state, and local government budget tightening and some possible effects on credit unions with government-focused fields of membership. More than one-third of total credit union membership is tied directly or indirectly to the federal, state, or local government sector.
Launched in January, NCUA designed the economic video series to inform the public and credit unions about developments affecting the overall economy and the credit union industry. In each video, NCUA’s Chief Economist John Worth reviews and explains current economic trends for the credit union industry. Each video is available for free on NCUA’s official YouTube channel.
NCUA is the independent federal agency created by
the U.S. Congress to regulate, charter and supervise
federal credit unions. With the backing of the full
faith and credit of the U.S. Government, NCUA
operates and manages the National Credit Union Share
Insurance Fund, insuring the deposits of more than 96
million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions.