NEW YORK — So far, community development credit unions have not seen widespread impacts from the economic downturn, according to the National Federation Of Community Development Credit Unions.
Federation President and CEO Cliff Rosenthal stressed that the organization awaited detailed data from NCUA for second quarter CU performance to provide a more complete picture but said that anecdotal comments from CDCUs around the country have not suggested sweeping impacts.
Rosenthal added that there had been some suggestion that CDCUs with fields of membership that include a larger number of Hispanics might see more impact as low-paying jobs in construction and service industries dry up, but so far the numbers were not showing those declines.
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"In previous recessions, we believed CDCUs might be countercyclical, there was such lag before the impacts hit our members," Rosenthal said. "But of course they weren't, they just didn't see the impacts as soon as others did."
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