CUNA economist on Q3 forecast on credit unions and the U.S. economy

FOR IMMEDIATE RELEASE   

October 17, 2019

Credit Union National Association (CUNA) today released the October 2019 edition of the Economic Update, sponsored by the CUNA Finance Council. Senior Policy Analyst Samira Salem discusses CUNA’s 2019 Q3 economic and credit union forecast. Salem provides an update on the fragility of the current U.S. economy, what is causing it and what that means for credit unions and their members.

“The U.S. economy is fragile,” Salem noted. “One of the main sources of fragility is trade policy uncertainty, but others include declining manufacturing and business investment, slowing global growth, and Brexit.”

The October video also features:  

• Forecasts of a sharp slowdown in GDP growth in 2020
• A discussion of international trade policy’s effects on the U.S economy
• Forecasts of a slowdown in loan growth led by declines in auto loan growth

“Whether a textbook recession in fact occurs, credit unions should be prepared for a general slowdown in economic growth, a slowdown in loan growth, membership growth, ROA and other accompanying effects on credit union operations,” Salem added.

The October 2019 CUNA Economic update is complimentarily available to all CUNA members. To watch the video and other past updates, visit cuna.org/economicupdate. 

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About CUNA:          

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 115 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. To find your nearest credit union, visit YourMoneyFurther.com. 

CONTACT:         

Lauren Williams        
CUNA Communications        
202-672-3396