Growth in a turbulent economy

August 22, 2022 by AUX

In June of 2022, we finalized our findings from a nation-wide credit union executives Survey on growth—identifying where credit unions were having successes and where they were experiencing problems. We all know that COVID slammed the brakes on growth plans temporarily for most, as we waited to see the impact and length of the pandemic. Once the pandemic was waning, many credit unions were eager to get back to business as usual and implement shelved plans for growth. However, just as a sense of “normalcy” returned, the economy started to sour. Inflation fears emerged, supply chain disruptions occurred, the Fed stepped in and raised interest rates, and employees demanded change. In this Survey, we sought to understand what growth meant to credit union executives, what plans they had to grow, and how they were doing against their growth goals during this turbulent time. A summary of that Survey follows.

Below are the participant statistics:

1. Timeframe: April through June 2022

2. Audience: Credit union decision-makers/executives

3. Asset Size Range: $27M to $2B