ARLINGTON, Va.—Credit union leaders’ confidence in the economy and their future business prospects continues to slide, according to a new report. The decline in confidence mirrors numerous other indicators of a slowing economy, as CUToday.info has reported.
NAFCU’s July Credit Union Sentiment Index (CUSI), an index based on NAFCU member responses to eight questions on growth and earnings outlook, lending conditions and regulatory burden, continued to decline in July, nearly breaching its lowest point on record after falling sharply in June.
Three of four component scores fell during the month, with the growth score seeing the sharpest drop. Industry loan and member growth reflected a substantial drop in the first quarter as well, NAFCU reported.
Separately, the trade association’s Economic & CU Monitor report also found that more than half of survey respondents consider criminal actors a significant cybersecurity concern. The survey also revealed that many respondents were asked cybersecurity-related questions during their most recent NCUA exam. The average number of document requests received in connection with a cybersecurity exam was up 34% compared to last year, the report found.