National Credit Union Administration Chairman Todd M. Harper spoke before the audience at NASCUS’s State System Summit in Nashville, Tennessee, yesterday afternoon. During his remarks, Chairman Harper discussed the economic and interest rate environment and their outlook, the importance of cybersecurity, the NCUA’s need for vendor authority and the agency’s other legislative priorities, and the promise and perils of artificial intelligence and real-time payment systems.
“As the most recent indicators suggest, the rate of inflation remains far below last year’s rates and continues to decelerate,” NCUA Chairman Harper said. “Nevertheless, we have not yet achieved a sustained period of inflation at or below the Federal Reserve’s two-percent target. Consumer sentiment is still generally guarded but has improved since last year, likely a reflection of the improving inflation situation. And, although the cost of living is no longer rising at the same pace, many households are still showing signs of significant financial strain, as seen in rising delinquency rates for various loan types, including auto loans and credit cards as well as growing home equity lines of credit balances. The Federal Open Market Committee is expected to raise rates further, but any inflationary “surprises” in the coming months could put further pressure on household finances.”
Read Chairman Harper’s full remarks on the NCUA’s website.