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Description
The economic environment exerts considerable influence on the credit union industry. As the economy continues to recover, lending opportunities should expand and credit risk should subside. An improving economy will likely be accompanied by rising interest rates, which will affect credit unions' income and balance sheets through a variety of channels. In the near term, key fiscal policy risks persist as policymakers continue developing a long-term solution. NCUA's Strategic Plan 2014 - 2017 outlines the addressing of a growing system where credit unions are offering new services, engaging in greater portfolio diversity, and presenting new risk challenges. These challenges include more and different products, diversified holdings, growing real estate concentration, rapid changes in technology, escalating threats to cyber-security and increasing member business loan portfolios. Each of these risks requires continual monitoring and mitigation strategies.