CUs Discuss Northern NV Economy, Members, & Recession

Our Northern Nevada Economic Update is posted! This FREE recorded session spotlights credit union leader perspectives with Jennifer Denoo (CEO of Great Basin FCU), Tom Wambaugh (vice president of member services for Greater Nevada CU), and Todd Sorenson, CEO of Elko FCU.

Listen to how their credit unions are moving forward as the local economy changes. Gain a renewed perspective on:

• Northern Nevada’s economic indicators, credit union strategies amid a potential recession, and inflation’s impact on consumers/workers amid employment trends.
• Deposit and loan viewpoints, local business and industry activity, and the rising interest rate impact on members.
• Their “on the ground” perspective and reaction to the Economic Development Authority of Western Nevada’s recent forecast conference, outlook slideshow, and trends slideshow.

The California and Nevada Credit Union Leagues’ Local Economic Updates deliver relevant and real-time economic commentary tailored FOR credit unions — and BY credit union leaders — as local forecast events are held across Southern California, Northern California, Southern Nevada, and Northern Nevada throughout each year.

Highlights from this week’s recording/posting:

• “Some younger members are in shock with interest rates going up. They don’t know a time when mortgages were greater than 3 or 4 percent. They don’t know a car loan can go into the 4 to 7 percent range. In reality, rates are still pretty good. This is the time to educate our members that homeownership and car ownership are still possible. How do we do that? Rate pricing is going to be a driver of this challenge going forward.” — Jennifer Denoo, CEO of Great Basin FCU
• “Some of the skills we learned coming out of the last recession may not be applicable this time around. We’re asking: What are the stories of individual members who are caught in the middle of the latest economic indicators? What’s the leap between them hearing something on the news and their personal pocketbooks? What are ways we can make sense of these concerns to help them maneuver? These are key to fulfilling what we’re supposed to be doing.” — Tom Wambaugh, vice president of member services for Greater Nevada CU
• “We need to continually educate our team about what our community needs in terms of assistance, such as the issues and benefits surrounding homeownership for a local workforce population. Not all of this is tied to how much our members earn each year. It’s about what kind of homeownership programs we can make our members fully aware of to help them succeed. Doing so will broaden our local workforce base and provide some stability within some of our rural communities out there.” — Todd Sorenson, CEO of Elko FCU

View or listen to the entire session here!

Questions? Email Matt Wrye.