CUNA Mutual Group’s April 2020 Credit Union Trends Report
MADISON, WI (April 28, 2020) — The Credit Union Trends Report is a monthly “pulse check” on the state of the credit union marketplace, often placed in a historical context. The report includes data from two months prior and is published and distributed by Steven Rick from CUNA Mutual Group.
April 2020 (February 2020 data)
- The COVID-19 pandemic is expected to decrease credit unions’ loan growth rate to only 2% in 2020, down from 6.5% last year, due to dismal new auto sales and weak home sales.
- Our latest economic forecasts have the economy contracting at a 20% annualized pace in the second quarter, the unemployment rate rising over 15% and deflationary pressures pushing the inflation rate into negative territory.
- The COVID-19 pandemic is expected to decrease credit union loan-to-asset ratios to 65% by the end of 2020, down from 71% at the end of 2019.
About CUNA Mutual Group
Built on the principle of “people helping people,” CUNA Mutual Group is a financially strong insurance, investment and financial services company that believes a brighter financial future should be accessible to everyone. Through our company culture, community engagement, and products and solutions, we are working to create a more equitable financial system that helps to improve the lives of those we serve and our society.
For more information, visit www.cunamutual.com.
