CUNA Mutual Group just released its Credit Union Trends Report for April 2020 (February 2020 data), courtesy of the organization's Chief Economist Steven Rick. Here are a few highlights from this month's findings:
The COVID-19 pandemic is expected to decrease credit unions’ loan growth rate to only 2% in 2020, down from 6.5% last year, due to dismal new auto sales and weak home sales.
Our latest economic forecasts have the economy contracting at a 20% annualized pace in the second quarter, the unemployment rate rising over 15% and deflationary pressures pushing the inflation rate into negative territory.
The COVID-19 pandemic is expected to decrease credit union loan-to-asset ratios to 65% by the end of 2020, down from 71% at the end of 2019.
Check it out and let us know your thoughts.
Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.