NCUA’s Harper discusses industry performance, overdraft programs, & artificial intelligence at REACH Conference
ALEXANDRIA, VA (October 25, 2023) — National Credit Union Administration Chairman Todd M. Harper spoke at the California and Nevada Credit Union Leagues REACH 2023 Conference today. During his remarks, Chairman Harper discussed the credit union industry’s most recent performance metrics, stating that overall, the metrics indicate that credit unions remain generally well positioned at this time. He also pointed to warning signs, including stress within the system because of rising interest rates and liquidity risk.
The Chairman also spoke about technology’s role in financial services and the use of artificial intelligence by credit unions, saying that it must be harnessed in a responsible way to ensure fairness, transparency, and consumer protection. Chairman Harper’s remarks addressed overdraft programs and noted that more financial institutions are decreasing overdraft fees or dropping them altogether.
“The time has come for credit unions to do the same,” said Chairman Harper, “if they want to remain competitive and live up to the statutory mission of credit unions of meeting the credit and savings needs of members, especially those of modest means.”
Chairman Harper’s full remarks are available on NCUA.gov.
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.
