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ATLANTA — While credit unions experienced a 4% increase in new mortgage originations in 2008, the industry may have to wonder if rapid growth could be a set-up for falling earnings.

Speaking at the Georgia Central Credit Union Economic Symposium here this morning, CUNA Senior Economist Steve Rick asked if inflation and interest rates head back up will it impact credit union earnings. Probably not, he said, because “controlled reflation” of the economy is expected. Among the reasons for this happening is new financial regulations will lower the velocity of money, which is the rate of money turnover.

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