ARLINGTON, Va.— The Credit Union Sentiment Index (CUSI) conducted by NAFCU fell sharply in June, hitting its lowest point on record with all four elements of the index declining, the trade association stated.
The CUSI is an index based on NAFCU member responses to eight questions on growth and earnings outlook, lending conditions and regulatory burden.
In another report from the trade association, NAFCU's Economic & CU Monitor found that more than half of survey respondents would consider participating in an NCUA "sandbox" to test new financial technologies, products, or services with increased regulatory certainty.
Partnering With Fintechs
The survey also found that a majority of credit unions already partner with fintech companies to provide products and services to their members.
NAFCU said it acknowledges the benefits of fintech and continues to advocate for a flexible regulatory framework that does not limit innovation, but ensures a level playing field for all who participate.
During recent testimony to Congress, NCUA Chairman Rodney Hood acknowledged that fintech is revolutionizing financial services. He noted that the agency's Fintech Working Group is identifying ways in which "federally insured credit unions can adopt and embrace fintech so they can effectively compete in the changing financial services industry."