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NCUA Issues Guidance on Impact of Debt Downgrade

Chairman Debbie Matz says to call regulator if market conditions cause "unusually large deposit inflows" or credit draws.

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Credit unions should contact their state or federal regulator if market conditions cause “unusually large deposit inflows or draws on existing lines of credit,” NCUA Chairman Debbie Matz wrote credit unions Wednesday.

She wrote that the combination of the decision by Standard & Poor’s to downgrade the United States’ long-term debt rating and market volatility could cause strains on the credit union system though she noted that credit unions have “ample capacity to meet members’ financial needs.”

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