ARLINGTON, Va.—Credit union leaders’ outlook on the future of the economy and their credit union improved “modestly” in September, NAFCU reported.
The trade association’s Credit Union Sentiment Index (CUSI) improved slightly versus August in the areas of earnings, lending, and regulatory burden.
The largest gain was in the earnings index, which still sits slightly below its pre-COVID level but continues to rise steadily, according to NAFCU. The vast majority of respondents with a positive earnings outlook over the next year identified either interest rates or loan demand as the key reason supporting that outlook.
The lone CUSI component to decline in September was growth, which sits at its pre-pandemic level, NAFCU said.
Other Findings
Separately, NAFCU's latest Economic & CU Monitor reveals that card online transactions, along with check and peer-to-peer (P2P) transactions, were the channels most likely to correspond with an increase in attempted fraud over the past year. For all three channels, most respondents reported that the dollar amount of losses had also increased. Of note, NAFCU said credit unions seeking to manage the risk of fraud must contend with the regulatory framework of the Electronic Fraud Transfer Act (EFTA) and Regulation E.
The Monitor also reported 42% of respondents noted fraud involving online card transactions was the most difficult type of fraud to prevent, followed closely by P2P payments.
“NAFCU will continue to engage with the CFPB and members of Congress to express the need for better solutions that target the root cause of fraud, rather than simply trying to shift financial responsibility onto credit unions, the association stated.
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