Chairman JoAnn Johnson testimony on "Condition of the Banking Industry" before the United States Senate Committee on Banking, Housing, and Urban Affairs.
The federally insured credit union industry comprises 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 dislocations in the credit markets, and the attendant effect on the mortgage industry and now the broader economy, the federally insured credit union industry continues to be financially strong. NCUA is very aware of the need for close and diligent regulatory oversight in the context of the difficult environment cited above...