FOR IMMEDIATE RELEASE
MADISON, Wis., and WASHINGTON (November 17, 2017) – Credit Union National Association has released the November 2017 edition of CUNA Economic Update. Sponsored by the CUNA CFO Council and hosted by CUNA Vice President of Economics and Statistics Mike Schenk, the video highlights the latest developments in the national economy and examines credit union financial and operational performance.
“The Fed’s Open Market Committee recently met leaving the target Federal Funds interest rate unchanged. Even so, there’s near-universal agreement that rates will be headed up in December and with tax reform and a big change in Fed leadership looming – the future seems a bit more muddled,” said Schenk.
This month’s CUNA Economic Update highlights impressive credit union financial and operating metrics and a strong consumer sector but also explores potential ramifications of coming changes including the potential for sharply increased stock market volatility and faster-than-previously-expected rate increases.
The most recent credit union-specific indicators reflect continued solid results. Memberships were up 0.4% in September and 4.3% over the past year. Overall, credit unions have added 4.7 million memberships since the start of the year. In addition, credit union loans were up 0.7% in September and 10.9% over the past year – with all key loan portfolios continuing to increase at healthy rates.
The CUNA Economic Update is available for free to all CUNA member credit unions. To view the update, visit cuna.org/economicupdate.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.