ALEXANDRIA, Va. (Oct. 1, 2012) – The National Credit Union Administration (NCUA) released today the latest edition in the agency’s free “YouTube” economic update series. The three-part installment features:
- An overview of the current state of the national economy;
- A review of where the economy is headed and its impact on the credit union industry; and
- A brief discussion about the changing institutional environment around emergency liquidity.
In the first two segments, NCUA Chief Economist John Worth reviews labor and housing market activity, examines how major economic indicators varies across states, and discusses how the credit union industry’s performance is tied closely to these trends.
The final segment features a brief discussion on NCUA’s recently proposed emergency liquidity rule between Worth and special guest J. Owen Cole, Jr., Director of Capital Markets in NCUA’s Office of Examination and Insurance.
More than 6,000 credit unions will lose access to the emergency liquidity provided by the Central Liquidity Facility (CLF) when U.S Central Bridge Corporate Credit Union closes in late October. During its July open meeting, the NCUA Board issued a targeted proposed rule—available at http://go.usa.gov/YaTF—that would require credit unions to plan for emergency liquidity. Credit unions can apply for CLF membership at http://go.usa.gov/YC9G.
The latest economic series 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. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues..