WASHINGTON — At a time of economic tumult, credit unions will have the ear of the nation's top policymakers when NAFCU's Board has its 16th annual meeting with the Federal Reserve Board of Governors next Tuesday.
At the session, NAFCU plans to discuss topics such as the health of credit unions, the impact of certain laws and regulations on the credit union movement and the movement's efforts to aid low- and moderate-income people.
The board plans to highlight data on credit unions from Call Reports and from a survey it did of its own members.
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Call Reports filed with the NCUA showed: Federally insured credit unions (FICUs) experienced a 14.1% annualized share growth rate during the first half of 2008. That's the first time since 2002 that share growth outpaced annualized loan growth, which was 7.4%; outstanding first mortgage loans increased 10.1% during that period, while FICUs granted 35.6% more first mortgages than during the same period last year.
NAFCU's survey of its members found: Support for reducing the overall regulatory burden on credit unions; strong support for a risk-based capital system and easing limits on member business loans; support for existing on fair and deceptive practices; the average dollar amount of real estate loans at credit unions is lower than at other financial institutions; and there has been a rise in the number of credit unions designated as low income.
The meeting will be hosted by Federal Reserve Vice Chairman Donald Kohn.
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