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CUNA Senior Economist Steve Rick said in a recent News Now article that credit union delinquencies haven’t been this high since President Reagan was in office. He also said that credit unions can expect that number to only go up because of weak job creation due to economic uncertainty. In particular he noted that “more than six million people who have been unemployed for more than six months, up from one million two years ago.”

How that translates for many credit unions is that what you cannot do is run your shops the same way you did during the Reagan era, as many do. At the same time, certain pieces of the industry from 20 years ago and through the next 20 years and beyond must remain intact. Collaboration is key to credit unions’ survival.

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