Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Matz talks CU issues in LEADERS magazine
ALEXANDRIA, Va. (1/10/13)--Americans are becoming more aware of how critical credit unions are, and this increased interest "explains why credit unions have added nearly three million members since 2010," National Credit Union Administration (NCUA) Chairman Debbie Matz said in a new LEADERS magazine interview.

"Members know that they can usually get a better deal at a credit union," Matz said. She noted that cooperative, not-for-profit credit unions generally charge lower interest on loans, pay higher dividends on deposits, and are an excellent source for small business loans. "With the average business loan only $220,000, credit unions often make loans that banks turn away. In fact, while other institutions cut back lending during the financial crisis, credit unions gained further recognition as the only insured institutions to increase lending," she added.

LEADERS is a quarterly magazine featuring interviews about the thoughts and visions of leaders in government, business, academia, labor, religion, science and the arts. The state of the credit union movement and the agency's response to the financial crisis are also addressed in the interview.

The NCUA Chairman noted the agency "needed to act decisively to stabilize the credit union system" when the financial crisis hit in 2008. "Approximately 2,200 of the 7,000 credit unions were at risk, so we had to stabilize the system by rigorous supervision, rather than by regulation, which takes time," Matz added.

Credit unions weathered the financial crisis and its aftereffects, and the credit union industry is "exceptionally well-capitalized at over 10%," she noted. "Return on assets is 86 basis points, up from 18 basis points when I became chairman; and loan delinquencies and charge-offs are trending in the right direction--down," she added.

"These metrics indicate that the credit union industry is resilient and in a strong position," Matz said.

For the full LEADERS interview, use the resource link.
Other Resources

LEADERS magazine interview
RSS print
News Now LiveWire
.@TheNCUA open board meeting starts at 10 a.m. ET tomorrow. It is board member J. Mark McWatters' first. Watch @NewsNowLiveWire
10 hours ago
.@CFPB is proposing to oversee larger nonbank auto finance companies for the first time at the federal level.
11 hours ago
.@CUNA's Bill Hampel moderates a discussion on the future of credit unions in the post-100 million member world. http://t.co/kcXykiRQVn
13 hours ago
#Breaking: QE likely to end next month, @federalreserve says #NewsNow #Market http://t.co/u7Fb5l5fwM
14 hours ago
.@Experian study confirms that building a credit history is beneficial to financial marginalized communities. 64M are "credit invisibles"
14 hours ago