With lending efforts focused on consumer and residential mortgage loans, credit unions have a natural interest in the financial health of America’s households. We have a similar interest at the Federal Reserve. Consumer spending accounts for more than two-thirds of gross domestic product, and residential investment - the construction of new homes makes up another 4 percent or so of GDP.
These new institutions can also provide better tools to regulators and researchers to monitor the health of, and provide stability to, the national financial system. Let me conclude. In a country with a low credit to GDP as ours, efficiently increasing affordability and access to credit are paramount goals.