Chairman JoAnn Johnson Testimony on the “State of the Banking Industry: Part II" before the Senate Committee on Banking, Housing and Urban Affairs.
The federally insured credit union industry continues to comprise a relatively small but important part of the financial institution community, and NCUA's perspective on the financial performance of the institutions the agency regulates and insures will hopefully add to the overall understanding of a wide range of issues. Despite the continued downturn in the credit markets, and the resultant effect on the mortgage industry and now the broader economy, the federally insured credit union industry continues to be financially strong and vibrant. NCUA takes seriously the responsibility for close and diligent regulatory oversight in the context of this difficult environment.