A Direct Line Blog

By Donya Parrish, MCU VP Risk Management

There are plenty of reasons for credit unions and board members to pay attention to the economy right now. News reports continue to predict a recession and now also mention that consumers are struggling with inflation and taking on more consumer debt than they may be able to afford. The government shutdown could be adding even more uncertainty to family financial planning.

How do you keep up as a board member and make positive decisions for the future of your credit union? If you are not familiar with it, our national association provides a monthly economic video that offers a great overview, as well as credit union-specific areas of focus in the economic news and trends. You can see the October presentation and visit their Macro Forecast & Economic Update page (log-in required) to view the archive and additional tools.

Another valuable resource for economic news is the TruStage Credit Union Trends Report and Economic Report. This page has both the quarterly “pulse check” on the state of the credit union marketplace and the economic report detailing loan trends, interest rate impact, and consumer measures impacting credit unions. Bookmark the page to keep up, or better yet, subscribe for updates in the right-hand column.