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Chairman Matz: The Financial Crisis, Five Years Later - Lessons Learned

by Ken Anderson | Sep 11, 2013
In the latest issue of the NCUA Report, Chairman Debbie Matz notes that there are certain dates that can never be forgotten because they threatened our nation's collective sense of security and stability.

In the latest issue of the NCUA Report, Chairman Debbie Matz notes that there are certain dates that can never be forgotten because they threatened our nation’s collective sense of security and stability.

“For instance, the stock market crash of October 29, 1929, or the attacks of September 11, 2001, come to mind,” she state’s in the September issue of the NCUA Report.

Matz also cites the fall of Lehman Brothers, whose collapse five years ago sparked one of the most severe financial crises our nation has ever experienced.

“By the time the crisis and resulting recession embed in late 20089, some of the most storied credit unions and financial services firms had disappeared, and American households lost over $16 trillion in wealth,” continued Matz.

Matz said in her report that many lessons have been learned - lessons that have guided NCUA policymaking. In particular, Matz says the agency must continue to emphasize the need to:

  • Reduce Concentration Risks
  • Require due diligence
  • Strengthen risk-based capital
  • Improve credit union governance
  • Anticipate emerging risks

Credit unions can read more of Matz’ column in the NCUA Report, and read other headlines on the agency’s website, at www.ncua.gov.