The economic environment over the past few years has produced rapid changes. Some changes have brought opportunity, others have brought hardship and tough times and some will continue to force credit unions to adapt.
While some reports from economists have indicated the Great Recession has ended, CUNA senior economist Steve Rick said that the economy is entering what he calls a "new abnormal environment." Rick described this new environment in CUNA's annual 2010-2011 E-Scan.
"We're going to have very low interest rates for a very long time," he explained. "We're entering a new era of thrift. Consumers are saving more, unemployment rates are going to remain higher and household income is stagnant."
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