ALBANY, N.Y. (1/15/14)--The majority of New York credit unions are optimistic about lending in 2014, according to an economic survey conducted by the Credit Union Association of New York.
More than 60% of respondents to the December survey said they anticipated loans to increase, with first mortgages leading the way at 33.3% followed by member business loans at 29.7%. Just under 19% said they expected to see mortgage refinance volume rise, followed by student lending at 17.6%.
"These findings reflect a cautious optimism among New York credit union leaders as our economy continues to recover," said league President/CEO William J. Mellin. "It's encouraging to see that, while there are still many challenges facing our industry, the majority of New York credit unions are planning to increase their lending, serve more members and expand the products and services they provide in the year ahead."
Nearly 80 New York credit union professionals representing every asset category and region responded to the survey.
The survey provided other insights:
About 55% rated themselves "very optimistic" or "somewhat optimistic" regarding the national and state economies. Sentiment was higher--57.7%--when asked about their region. Forty-five percent are either "somewhat pessimistic" or "very pessimistic" about the national and state economies.
For credit union shares, 57% anticipate an increase while another 38% expect levels to remain stable.
The majority of respondents--57%--are planning to expand products and services in 2014.
New hires and new branches are not high on the radar. Fifty-three percent are not planning to hire new employees, and 72% are not planning to open new branches.
In the Adirondack, Metropolitan and Rochester regions, respondents are the most optimistic about their regional economies. Those in the Central New York, Finger Lakes and Long Island regions are the least optimistic.