CUNA News started 2022 by asking credit union professionals to share where they believe the credit union movement, financial industry, and economy are going.
This page will be updated throughout January , so visit the Forging a Path submissions page to examine the upcoming year in your own words.
Credit union professionals see the following as significant issues to watch in 2022:
Opportunity: Remaining a small financial institution in a Nebraska village of 300 people.
Biggest challenge: Being able to afford the services we offer our members, especially since credit unions did not qualify for any government assistance programs.
Prediction: Small credit unions like us will continue to be “pushed out” of the financial competition because of cost of services and lack of staff.
Opportunity: To re-engage both staff and members. Since the pandemic, our relationships with our members, our communities, and each other have suffered based on the lack of in-person contact. If the science supports the ability to meet in person in 2022, we should take full advantage of that opportunity.
Biggest challenge: See above! Determining ways of re-connecting.
Prediction: I anticipate credit unions looking for additional ways to increase loan activity. The supply chain issue will continue into 2022, impacting auto lending—credit unions' bread and butter. I anticipate more allowance in portfolio mortgage lending and additions of new products such as RVs, solar and green.
Opportunity: Grow membership within our select employee group (SEG) companies.
Biggest challenge: Finding a replacement for retiring president.
Prediction: The pandemic will keep people uneasy with borrowing, and loan demand will still be stagnant until later in the summer when pent-up demand (again) for autos hits before winter.
This article is part of Forging a Path, CUNA News’ special focus on what 2022 holds for the credit union movement, financial services industry, and the economy. Follow the conversation on Twitter using the hashtag #ForgingAPath.
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
