updated 06/05/14 03:47 PM
Survey Reveals Tone at CUs
Credit union CEO confidence in the economy climbed to its highest level in more than six years, according to a Catalyst Corporate FCU First Quarter 2014 Credit Union CEO Confidence Survey.
The overall Confidence Index rose more than three points to 30.32 points—the first time the Index has topped 30 since Q3 2007.
In the most recent survey, responses to every question were more positive, an outcome that has not occurred in Catalyst Corporate’s survey since late 2008. The biggest jump came in CEO confidence regarding their members’ current financial condition and six months down the road. CEO confidence regarding their own institutions’ current and future financial conditions also increased.
In addition, this survey marked the first time in three years that CEOs anticipated growth over the next six months for both loan demand and share deposits.
“We’ve had a bevy of good economic news over the past few weeks, namely a sizeable drop in the nation’s unemployment rate, new historical highs in the stock market and stable consumer prices, including cheaper gas prices,” said Brian Turner, director and chief strategist for Catalyst Strategic Solutions. “If anything, these events have given consumers a chance to catch their breath after the economic volatility of the past five years. Credit union managers may be reflecting that sense of relief on the part of their members.
The First Quarter 2014 Credit Union CEO Confidence Survey was sent to 2,022 credit union CEOs across the nation, with a response rate of 10.24 percent.
For additional details, including graphs with the survey’s historical data, click here.
    © 2014 California Credit Union League