CUNA News Now: CU savings flow: a mixed bag, says CUNA

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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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	News Now LiveWire Most CUs will provide wage increases for at least some of their employees, according to CUNA's just-released Small CU Staff Salary Survey. 12 hours ago St. L Post Dispatch on GAO report:Consumers may not benefit from altering Interchange system;would cut card competition. http://ow.ly/ETyX 13 hours ago CUNA's Hampel: Consumer holiday spending will be up slightly from last year. See Tues NN. 17 hours ago NCCUL and WOCCU met with Romanian CUs this week. The CUs are experiencing growth and want to increase their public relations efforts. 4 days ago Kent Buckham has been named by NCUA as director of the newly created Office of Consumer Protection. The 7-person dept. launches in Jan. 4 days ago Sign up; more tweets... 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. Resource Links Smart Savers Are Ready for Anything: Statement Stuffer: CUNA Research & Statistics More Washington
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