By Donya Parrish, MCU VP- Risk Management
One of the things many of us are keeping an eye on right now is the economy. It has now been over four months since national and state emergencies were declared because of the COVID-19 pandemic. The financial impact on businesses that have had to shut their doors is obvious. That effect trickles down to their employees who have car loans, mortgages or rent to pay, food to buy, and less money to spend. Or, if they have the funds, they are afraid to spend them since so much about the timeline of the pandemic, and its lasting effect on our economy, is still unknown.
Credit unions are doing what they can by waiving late fees, modifying loans, and facilitating monies from government loan programs. Economists are trying to use their tools and crystal ball to see into the next few months (and years) to help you gauge just how severe the hit to your credit union’s balance sheet might be.
To keep you abreast of the state of the economy and predictions for additional declines and indicators, here are a couple of excellent reports. You should be able to access them for free without a password.
- CUNA Monthly Economic Update
- CUNA Mutual Group Credit Union Trends Report
- Bureau of Business and Economic Research (BBER) Economic Impact of COVID-19 in Montana study
And, if you are interested in an update on the Montana economy, the Montana Chamber is hosting an economic update webinar on Aug. 4 (10:00 a.m.) and repeating it on Aug. 6 (2:00 p.m.) with Dr. Patrick Barkey of the BBER. You can find more details or register online.