Bar chart showing a recession in the shadow of the coronavirus Source: Shutterstock.

CUNA doesn’t expect the recession to damage credit union earnings as it forecast previously, but it said its latest forecast depends on factors that can be upset by U.S. political tensions, West Coast fires, East Coast hurricanes and disappearing government benefits.

The CUNA economic and credit union forecast posted Wednesday reflects better-than-expected economic growth. It predicted credit unions’ return on average assets will fall to 0.50% for the 12 months of 2020, and 0.35% in 2021.Both represent increases from CUNA’s previous forecast in July of 0.35% in 2020 and 0.10% in 2021.

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Jim DuPlessis

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