NAFCU Economic & CU Monitor eyes 2014
Credit union respondents to NAFCU's December Economic & CU Monitor survey, which inquired about the industry's 2014 outlook, expect their member, share and asset growth rates to increase for their credit unions next year, but are pessimistic about future first-mortgage loan growth.
The Monitor summary stated, "Credit unions will enter 2014 with a number of positive trends working in their favor. Loan growth is improving and has surpassed share growth, while asset quality and capital ratios are nearing their pre-recession levels. However, uncertainty in the economy and an increasing regulatory burden will present significant challenges for credit unions in 2014."
Other 2014 industry forecasts in December's Monitor project:
- survey respondents expect their loan growth to accelerate from 6.7 percent in 2013 to 9 percent, on average, in 2014;
- respondents expect a slowing in used-vehicle and first-mortgage loan growth; and
- NAFCU forecasts modest improvements to the economy in 2014 in gross domestic product, unemployment rate and 30-year mortgage rate.
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