Some U.S. credit unions are hopeful that rising employment and auto lending activity will bring consumers back, countering the effects of inflation and rate hikes that have weighed on growth.
Two years since the coronavirus began its spread, members are still hoarding savings and are hesitant to borrow due to the economic uncertainty. This has led to the industry's lowest-ever yield-on-assets ratio a key metric for measuring financial health.
There's a lot of pent-up consumer demand for new cars, but credit unions face stiff competition from large banks and online dealerships. Some are stepping up marketing while others are eyeing new loan categories.
The National Association of Federally-Insured Credit Unions' new campaign highlights $243 billion in fines slapped on Wall Street banks. The group says it's responding to political attacks, but the banking industry says NAFCU is trying to distract from criticism of its tax exemption.
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