NCUA’s Harper discusses economic outlook, the need for vendor authority at NASCUS’ S3
ALEXANDRIA, VA (August 28, 2023) — 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.
About National Credit Union Administration (NCUA)
The 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, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 135 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.