Winter is coming ... Many economists are forecasting an economic downturn or possible recession over the next two years. Although no one knows when the next storm will arrive, cyclical recessions are a part of life in our economic system. Each dip, downturn, and full-blown recession presents unique factors to consider, but careful planning and an evidence-based strategy will help your credit union not simply survive the next recession, but thrive through it.
Slowdowns bring opportunities as well as challenges. During the last recession, credit union loan growth rates across a range of measures rose while those for banks declined. Being prepared and proactive pays off, as many credit unions emerged from the recession stronger than ever. In crafting a plan for the next downturn, take advantage of lessons learned from the past and be ready for new challenges.