In the ever-evolving financial services industry, staying informed and proactive is paramount for credit unions. Join LEVERAGE every second and fourth Tuesday of the month in 2024, starting at 11:00 a.m. ET, for engaging discussions that promise to equip you with the knowledge and tools necessary to navigate the challenges and opportunities ahead. 🔍 Key Findings in Compliance Audit Discover key insights and strategies to enhance your credit union's compliance efforts and ensure regulatory adherence. Click here to learn more and register: REGISTER TODAY! For additional information or inquiries, please get in touch with us at consult@myleverage.com. Did you miss our previous webinars? Catch up on valuable insights and discussions by accessing our archive here. Take advantage of this opportunity to stay ahead in the industry. Register now and mark your calendars for an insightful journey with LEVERAGE's webinar series! |
CU Solutions Group (CUSG) is dedicated to providing credit unions with the tools and resources they need to thrive in today's competitive landscape. From strategic planning to employee development, our solutions elevate your credit union's performance and enhance member experiences. CEO Review Compease: Salary Tools Love My Credit Union Rewards: Spectrum Love My Credit Union Rewards: T-Mobile Performance Pro Planning Pro The Learning Center At CUSG, we're committed to helping credit unions succeed. To learn more about LEVERAGE and CUSG, visit https://myleverage.com/solutions/cusg.php or contact a LEVERAGE Business Development Consultant at consult@myleverage.com. |
Home Improvement Loan Student Loan Refinancing and Consolidation Private Student Loans Credit unions can be trusted financial partners by providing private student loans. Partner with LEVERAGE and LendKey to unlock new lending opportunities and build lasting relationships with your members. Visit https://myleverage.com/solutions/lendkey.php or contact a LEVERAGE Business Development Consultant at consult@myleverage.com. |
By Steve Rick, Chief Economist for TruStage Recent economic and market data tells us 2024 will bring slow, but steady economic growth and possible interest rate reductions. The Fed will continue to battle inflation with a balanced approach to interest rates in hopes of staving off a recession and bringing inflation rates to an acceptable standard. 2024 inflation and interest rate predictions Both government and private sector spending remains strong, with high foreign spending and residential investment due to homeowners holding onto low mortgage rates and ongoing inventory rebuilding to meet consumer demand. During the Federal Open Market Committee's latest meeting on December 13, 2023, a unanimous decision was made to maintain the key federal funds rate in a target range between 5.25% and 5.50%. 2024 Consumer Price Index (CPI) and real Gross Domestic Product (GDP) predictions On the real GDP front, growth is expected to be 1.5% in the upcoming year, a slight decline from the current year's 2.5% growth. Relatively high-interest rates throughout 2024 are anticipated to keep real GDP growth at a lower but reasonable level. 2024 mortgage rate prediction Looming liquidity crisis in 2024 Credit unions need to be prepared for a liquidity crisis that could hit in 2024 by performing routine assessments while monitoring the economic landscape. Practicing these preventative behaviors could help you respond proactively to market changes. Credit unions are particularly vulnerable to a liquidity shortage, attributed to weak deposit growth and stronger loan growth. Forecasts suggest 3% deposit growth in 2024 due to a decrease in the money supply by nearly 5% YoY. The competition for a reduced pool of deposits has led to an increase in deposit interest rates. Supporting credit union members in 2024 The U.S. economy is expected to continue its slow but steady expansion, supported by incremental growth in key areas. However, credit unions should prepare for a potential liquidity crunch in 2024 with historically low deposit growth in the industry. Also, expect the Federal Reserve to be cautious with interest rate adjustments but anticipate drops in the latter half of the year. The views expressed here are those of the author(s) and do not necessarily represent the views of TruStage. Visit TruStage.com to learn more about our products and services. |
Member Business Financial Services, LLC (MBFS) stands as a beacon of support for credit unions seeking to extend their member business lending services to the local business community. Owned by credit unions themselves, MBFS leverages this unique perspective to empower credit union partners to provide more business loans at a lower cost than they could individually. Since its establishment in 2008, MBFS has grown exponentially, managing more than $2.5 billion in commercial loan balances for more than 100 credit unions nationwide. The MBFS Difference:
What MBFS Can Do for You: MBFS's seasoned team provides invaluable strategic development assistance to credit unions, whether they're launching new member business lending programs or expanding existing ones. From nationwide loan underwriting and document preparation to loan funding, servicing, and portfolio management, MBFS offers a holistic suite of services to enhance credit unions' business lending capabilities. Additionally, MBFS facilitates coordination of loan participations, enabling credit unions to grow their portfolios efficiently. MBFS Comprehensive Customized Training: Enhance your credit union's proficiency in member business lending through MBFS's tailored training programs. Whether it’s business loan programs, strategic program development, loan policy development, or risk management, MBFS offers customized training sessions to meet your credit union's specific needs. These sessions are available both in-person and virtually, ensuring accessibility and flexibility. Ready to unlock the full potential of your credit union's member business lending services? LEVERAGE and MBFS are here to guide you every step of the way. Check out https://myleverage.com/solutions/mbfs.php or contact a LEVERAGE Business Development Consultant at consult@myleverage.com to learn more. |