Daily News | Credit unions and community banks worry Fed moves will squeeze their customers
and softened the language it uses to describe future rate hikes.
The Inquirer asked Gary Golden, boss at 10,000-member, $227 million-asset BHCU credit union in Ridley Park, and Charles Crawford, chief executive and chairman of Northern Liberties-based, $360 million-asset Hyperion Bank, about the impact of higher rates to date, and whether borrowers and depositors should worry more banks will fail.
With a banking crisis “already started” and the economy enduring “rolling recessions by sector,” the Fed will likely boost rates a bit more, then start cutting, stabilizing long-term interest around 4%, the credit union’s Golden predicts. “The Fed always takes interest rates up too fast, and then — poof! — down to the bottom,” said Golden. Add the expense of government-mandated bailouts and flooding more money into the economy when needed, and things can get worse before they get better, he added.“Still, I view this crisis as an opportunity,” Golden said, noting that BHCU is planning to expand beyond Delaware County.
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