Southwest's CEO Confidence Index Paints Bleak Picture

DALLAS - According to Southwest Corporate's latest Credit Union CEO Confidence Survey, credit union CEOs expect economic conditions in general and at credit unions to worsen. The index dropped to its lowest point in the last six quarters and is in step with a recent two-month decline in consumer confidence, as measured by the U.S. Conference Board. It stood at 34.81 at the end of March, down from 38.75 in December. The index asks credit union executive to assess the current financial condition of their credit union and their credit union members as well as expected conditions six months from now. The most recent CU CEO Confidence Index is based on a survey sent in March to more than 500 credit union CEOs nationwide. One-hundred and forty-seven responses were received-the highest number of respondents since the survey was started in late 2003. Every measurement in the index dropped in the most recent survey-including the CEO's expectations for the credit union's financial condition six months from now, as well as expected loan demand. The index for the credit union's current financial condition dropped from 52.86 in January to its present reading of 52.04. Meanwhile, expectation of loan demand six months from now fell from 35.71 in January to 23.10 in the most recent survey.