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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 TruStage

TruStage is a financially strong insurance, investment and technology provider, built on the philosophy of people helping people. We believe a brighter financial future should be accessible to everyone, and our products and solutions help people confidently make financial decisions that work for them at every stage of life. With a culture rooted and focused on creating a more equitable society and financial system, we are deeply committed to giving back to our communities to improve the lives of those we serve. For more information, visit www.trustage.com. TruStage™ is the marketing name for TruStage Financial Group, Inc. its subsidiaries and affiliates. Corporate headquarters are located in Madison, Wis.

Contacts

Allison Fanney
media.relations@LPLFinancial.com

Barclay Pollak
608.665.7188
barclay.pollak@trustage.com

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