Updates Focus on Recent Economic Trends, Stabilization Fund Assessments, and U.S. Financial Stability Oversight Council’s Annual Report
ALEXANDRIA, Va. (Aug. 24, 2012) – The National Credit Union Administration (NCUA) released the August economic update on the agency’s official “YouTube” channel today. The latest economic installment features three segments, making it easier for viewers to get the information relevant to them.
In the opening segment, NCUA Chief Economist John Worth reviews current economic trends and their impact on the national economy. Topics covered include labor market developments, housing market improvements, and consumer confidence. The review also covers potential risks to the economy.
The second segment discusses the recently released 2012 Annual Report
of the Financial Stability Oversight Committee (FSOC). In the segment, Worth highlights two key FSOC recommendations of particular interest to credit unions – the need for improved emergency liquidity planning and access, and how changes in interest rates can affect risk profiles. NCUA recently issued a proposed rule on emergency liquidity for federally insured credit unions, and a new rule on interest rate risk becomes effective in late September.
The final segment features an analysis of how anticipated future Stabilization Fund assessments for credit unions compare to anticipated Deposit Insurance Fund assessments by the Federal Deposit Insurance Corporation. The review shows that federally insured credit unions can expect to pay less in assessments than federally insured banks during the next decade.
The latest three economic update videos are 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 United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of more than 101
million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.