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Latest ECU Monitor dives into CU financial literacy, community development initiatives
NAFCU's latest Economic & CU Monitor – now available for download – examines what credit unions are doing to promote financial literacy and community development initiatives.
According to the monitor, 88 percent of credit union respondents indicated they offered financial literacy programs. Among those who measured the impact of their programs on underserved and low-income members, 56 percent observed a positive impact.
In addition, a large share of credit union respondents – 83 percent – reported sponsoring financial literacy events in their community over the last year, through initiatives such as providing financial literacy curricula to local schools, offering financial coaching, and providing scholarships.
This month's monitor also includes NAFCU’s Credit Union Sentiment Index (CUSI). The CUSI improved in April as three out of the four components measured rose over the prior month – earnings, lending, and regulation. The largest growth was found in the lending index, with respondents' assessment of loan demand reaching its highest point since the pandemic, despite presumably seeing muted refinance demand amid rising mortgage rates.
NAFCU relies on survey responses to provide its members a glimpse of trends affecting the credit union industry as a whole and inform the association’s advocacy efforts. This month, credit unions are encouraged to provide feedback on utilization of tech and vendors. The deadline for participation is June 1.
For more on NAFCU's award-winning research team, check out the association's Macro Data Flash reports for insights into interest rates, auto sales, home market.