The COVID-19 pandemic has not only restructured our lifestyles, it has reshaped our economy, including credit union financial results.
In 2022, credit unions will continue to adjust to an economic climate that is driven by the social and financial implications of a global pandemic, CUNA economists say.
In this episode of the CUNA News Podcast, Mike Schenk, CUNA’s deputy chief advocacy officer for policy analysis and chief economist, and Dawit Kebede, CUNA’s senior economist, provide an overview of the lending environment and an economic forecast for 2022.
They say credit unions can look for a return to normal savings and lending growth in 2022.
In this episode:
1:33: How the lending environment evolved during the pandemic
3:25: How low interest rates affected the performance of mortgage portfolios
4:17: How household credit quality has improved since the outset of the pandemic
5:10: Three aspects of the economy that concern CUNA economists
8:30: Credit union savings will revert to the mean in 2022
11:26: It will take some time to return to normal loan-to-share ratios
12:11: How the recovery missed many low-income households