ATLANTIC CITY, N.J. — Do not expect an easy fix for the US economy–that is the bottom-line message in the economic outlook speech delivered by Mike Schenk, vice president of economics at CUNA, at the "Credit Union Reality Check" conference in Atlantic City, hosted by the New Jersey Credit Union League.
Talking to a room filled with credit union executives, Schenk stressed that the data is ample: the credit union model works, even in the troubled economy of the past few years. Schenk's numbers showed that credit unions–by offering better-priced loans and services–saved their members some $6.6 billion in 2010, compared to banks. "Credit unions have delivered real value to their members."
Even though the economy is improving significantly, said Schenk, credit unions need to accept persistent sluggishness in lending ("consumers are up to their eyeballs in debt," he explained). The housing market, too, is in for a lengthy recovery, according to Schenk.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
