CUNA Chief Economist Mike Schenk discusses credit union development in the first half of the year and how that compares to banks in the August 2022 CUNA Economic Update,
"When the year is done, there's no question about it, credit union loan growth is going to be substantially stronger than what we originally predicted and the impacts the social impacts, the consumer impacts, will be stronger than we originally anticipated," Schenk said.
“Data shows that credit unions are much more likely to be consultative, to sit down with their members and have deep meaningful conversations. Credit union members were two times more likely than non-members to say that they've had a personal interaction with somebody at their credit union to talk about their financial situation. A combination of decent pricing consumer-friendly pricing and those deep meaningful conversations mean that the credit union members are more resilient.”