ARLINGTON, Va.—Credit union leaders’ outlook on the economy and the future of their credit union continues to waver, while concerns for loan growth are rising, according to NAFCU’s Credit Union Sentiment Index (CUSI).
NAFCU reported the CUSI dropped again in July. The only gain was in the Growth index, which plummeted in May, but quickly rebounded in June, while the largest drop was in the Lending component. Respondents are increasingly registering concerns about loan growth and its impact on earnings, NAFCU said.
Separately, NAFCU's latest Economic & CU Monitor , which is available here for NAFCU members, examines credit unions’ perspectives on data privacy compliance and member service.
According to the Monitor, all respondents reported that they protected all data in accordance with the safeguard requirements under the Gramm-Leach-Bliley Act (GLBA) and Part 748 of the NCUA’s regulation. However, nearly half of respondents indicated that their credit union was also subject to at least one other state law governing privacy of member data.
Increased Call Center Hiring
Regarding member service and relationship banking, 62% of respondents said that their credit union had increased the number of call center employees in the past two-three years; and on average, respondents reported that their response times were fast, with typical call center wait times of less than 2.5 minutes. Of note, among respondents who surveyed their member service satisfaction after customer service interactions, 62% indicated that they had received “excellent” ratings, NAFCU reported.
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