By Frank J. Diekmann
Odds and ends bits of data found rattling around the laptop:
On the Road Ag.. No More
One of the many byproducts of the pandemic-related lockdowns and work-from-home orders has been the boom in recreational vehicle sales, as Americans, especially younger people without kids, have taken to the open road to see America—and learn what low MPG means, why there are height warnings on overhangs, and what exactly the definitions of “gray” and “black” water mean.
Indeed, as CUToday.info reported here, Alliant Credit Union has hit the road in a big way with its RV lending operation, including selling $64.5-million in RV loan participations to other credit unions.
The RV Industry Association is projecting 500,000 RVs of all sizes will be sold during 2021. But what’s going to be interesting to watch, however, is what happens with all those recreational vehicles as more people tire of recreating and must return to the office.
Perhaps what’s next around the curve for credit unions are opportunities (and a need for expertise in) in loans for used RVs.
If you’re sitting at a table that converts into a bed right now while using the RV park’s wifi, let me know what you think.
Who’s a Hero Now?
I heard one CEO pose an interesting question during a recent webinar: “What happens when all the ‘hero pay’ goes away?”
During the pandemic many credit unions gave front-line staff and certain other workers a pay boost for having to come to a physical place of work. I’m sure the money was deserved and was even more welcomed. But now what?
It’s going to be a challenge for credit unions to tell those workers you’re not a hero any longer and we’re lowering your pay. Which is why I’m guessing—especially given the competition to find and retain employees—that the hero pay is now “here forever” pay.
Not Completely Frustrated
A new study from Magnify Money found many Americans say they are frustrated with low savings rates. As CUToday.info reported here, 70% of those surveyed said they are unhappy their money isn’t growing due to rates that introduce people to the concept of “basis points.”
In fact, nearly half (46%) of Americans have moved their savings to a different bank or account type to earn more interest.
What wasn’t apparently covered in the survey is how Americans feel about low loanrates, however. I’m guessing a lot less frustration.
Frank J. Diekmann is Cooperator in Chief of CUToday.info and can be reached at Frank@CUToday.info. Mr. Diekmann is also author of the new book, ‘501 Name Tags: Everything You Need to Know About Business Can be Learned at a Conference & Forgotten in the Trade Show.” For info: www.501nametags.com.