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Australian CUs have experienced strong growth in retail deposits at the expense of their regional banking rivals. http://ow.ly/goIE
Yakima Valley CUs have benefited from larger banks troubles as membership, deposit growth, and overall presence expand. http://ow.ly/goHD
Florida Central CU names CUNA board member Laida Garcia as president, CEO. Garcia succeeds the late Ed Gallagly. See http://ow.ly/gnw7
WesCorp detailed cost-saving initiatives-- including roughly 90 layoffs--that aim to roll back expenses to 2003 levels. See July 6 NN.
Wash. State CUs have seen a 313% mortgage loan increase over the last 10 years, with lower car loan, savings deposit increases. See Mon. NN.
CUNA economist weighs in on savings trend
WASHINGTON (7/29/08)--Bill Hampel, chief economist for the Credit Union National Association, weighed in on the effect the U.S. housing crisis will have on savings in a Sunday article that appeared in ChicagoTribune.com .
Because homeowners can no longer use rising real estate valued to borrow cash, spending will fall, the article said. It originally ran in Bloomberg News.
After Americans go through their tax-rebate checks this summer, consumer spending will fall into negative territory, Hampel explained.
With mortgage lenders requiring 20% down payments, the average household--which saves less than 1% of after-tax pay--will have to save 10% for 10 years to buy a home.
The residential housing slump will "change the structure" of the U.S. economy and force Americans to save, Neil Soss, chief economist at New York-based Credit Suisse Group, said.
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