WASHINGTON, DC (April 15, 2020) — The National Association of Federally-Insured Credit Unions (NAFCU) Chief Economist and Vice President of Research Curt Long issued the following statement after the Federal Reserve released its latest Beige Book:
“The Fed’s latest Beige Book confirms not only widespread impact on employment and economic activity, but also a sizable loss of confidence. This is likely to linger even after the economy reopens, particularly among the business sector, which will depress capital investment over the long term. The Fed’s banking contacts uniformly indicated that they had ratcheted up credit standards, while reported liquidity conditions were highly uneven,” said NAFCU Chief Economist and Vice President of Research Curt Long.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
