Credit union executives in Las Vegas, the site of NAFCU's annual conference this week, said while the local economy is gradually improving, credit unions in the area still face challenges.
"We're certainly on the upswing in Las Vegas but we're not where any of us want to be. Unemployment has improved significantly over the last few years. Tourism has bounced back. The amount of tourists coming in are at or close to all-time highs," Rick Schmidt, president/CEO of the $138.6 million WestStar Credit Union said.
"The housing market is rebounding. In 2010, seven out of 10 homes were upside down – had negative equity – and now seven out of 10 homes are either at or below 100% LTV. But that still leaves a huge number of homes that have negative equity and folks struggling to make payments," Schmidt added.
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