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CU System
CUNA chief economist addresses Conn. Economic Forum
MERIDEN, Conn. (10/21/10)--Bill Hampel, chief economist for the Credit Union National Association (CUNA), addressed more than 100 Connecticut credit union executives, board members and officers about current economic conditions at the Economic Forum hosted by the Credit Union League of Connecticut in Plantsville, Conn.
Click to view larger image Tony Emerson, president /CEO of the Credit Union League of Connecticut (left), listens to a point made by Bill Hampel, chief economist at the Credit Union National Association, following Hampel’s presentation on the economy for Connecticut credit union officials at the league’s Economic Forum in Plantsville, Conn. (Photo provided by the Credit Union League of Connecticut)
Although Hampel pointed out the factors driving the unpredictable economy, he said the recession was over, conditions are on the mend, and “the long-term outlook is modest.” He predicted moderate savings and asset growth going forward for credit unions. However, interest rates will remain low along with continued weak loan growth. “People are saving a lot more than they used to, using disposable income mostly to pay down debt,” Hampel said. In fact, the forecast into 2011 is for a marked decline in loans, the first time CUNA economists have predicted such for future credit union performance, Hampel added. Following the discussion, three officials from the National Credit Union Administration--currently overseeing operations at Constitution Corporate FCU, Wallingford, Conn., now in conservatorship--provided a status update and outlook for the corporate’s future, and took questions.


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