ALEXANDRIA, Va.–The economic growth outlook for 2015 looks solid, but is less optimistic than a few months ago and oil producing regions may experience rising unemployment, according to a new Economic Update video released today by the NCUA.
If forecasts are accurate, most credit unions should see continued loan growth and improvements in loan quality, NCUA said.
The latest video in the agency’s Economic Update YouTube series is available here.
The video covers the current outlook and key credit union results from year-end 2014. The video also discusses the effect of low oil prices on different states and regions, including the potential negative employment effects in oil producing regions.
The video also recaps the recent Federal Open Market Committee announcement. Federal Reserve interest rate policies will have important implications for credit union interest rate costs. More than half of credit union deposits are currently in accounts paying rates that closely follow short-term money market rates like the federal funds rate or the three-month Treasury bill.