Credit unions with members directly impacted by Hurricane Sandy will likely experience an increase in loan delinquencies, NCUA Chief Economist John Worth said in the regulator's November video economic update, released Monday. However, Worth also said as storm recovery progresses, homeowners and businesses replacing damaged property may boost loan demand.
The November economic analysis, available on the NCUA's YouTube channel, also includes economic trends and discussion about the potential impact that recent events, like Hurricane Sandy, will have on credit unions.
“Overall, the economic statistics released over the past month have been modestly better,” Worth said. “The economy is showing signs of solid economic and job growth which provide key support for credit union fundamentals going forward.”
Economic trends cited by Worth in the video include improvement in the national labor market, consumer confidence and home prices.
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