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 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.