Credit unions that are sound can best meet the needs of their members, including providing financial services, training members in entrepreneurship and in financial literacy. Governance proposals seek to ensure that the directors of a credit union are fit and proper and that the board is effective, accountable and transparent in the management of their credit union.
And given the speed and magnitude of the interest rate increases over the last year, their full effect is still to come. We can also see that the interest rate increases we've undertaken to date are already working. Higher rates are slowing household spending, and inflation is coming down.