CUNA Releases June Economic Update

July 7, 2022

July 7, 2022
Washington, D.C.

In the June 2022 CUNA Economic Update, Senior Economist Ligia Vado discusses cryptocurrencies, its risks and trends, and the impact on financial institutions. 

Highlights from the most recent update include:  

  • Credit Union members twice as likely to use cryptocurrencies versus non-members: Thirty-nine percent of credit union members own cryptocurrencies compared to 17% of non-members. 
  • COVID-19 impact: Consumer preference towards more digital forms of payment accelerated during the pandemic. 
  • CUNA 2022 Voter Survey findings on crypto ownership: Forty-eight percent of Hispanics own a cryptocurrency, followed by 34% of African Americans, and white and Asian Americans at 22% and 25% respectively. 

Main risk forcredit unions 

“The main risk for credit unions in the extreme case in which consumers massively adopt digital forms of payments is the risk of disintermediation. This will mean that consumers would not be incentivized to keep their deposits in credit unions, and so credit unions will see a reduction in their funding sources.”  

Advantages of owning crypto  

“Digital assets as a form of payment might be here to stay due to their many advantages in terms of easiness and security of transaction, better settlement time and efficient cross-border payments. Consumer preference for digital payments is stronger than ever and was accelerated by the pandemic.”  

Ligia Vado is the Senior Economist for Credit Union National Association (CUNA). Vado has over 20 years of economic and financial policy research experience. She specializes in risk, insurance and mortgage markets. 

Please contact Kandie Stroud ( to set up an interview with CUNA Senior Economist Ligia Vado. 


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 130 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 To find your nearest credit union, visit

Kandie Stroud
CUNA Communications