CU savings flow: a mixed bag, says CUNA
WASHINGTON (10/15/08)—Credit Union National Association (CUNA) Chief Economist Bill Hampel predicted Tuesday that credit unions, overall, will start seeing a marked influx of share deposits by next year.
To date, he said, CUNA economists have not seen a "huge flight" of savings to credit unions as a result of the country's economic turmoil.
"As many credit unions have said that they have experienced greater than normal savings growth in the last six weeks as have said they have had weaker savings growth," Hampel reported. He said the same can be said of credit union experience on the lending side of the business.
However, the CUNA economist added that he predicts that over the next year, credit unions overall will see a substantial deposit increase because consumers won't be spending as much and will be trying to build up their savings.
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