Ready Your Credit Union to Weather 2023

By Greg Mesack, NAFCU SVP of Government Affairs

Greg Mesack, NAFCU SVP of Government Affairs

It’s hard to escape the never-ending talk about where the U.S. economy stands and where it’s headed. But at NAFCU, our overarching priority remains the same: to help the credit union industry continue to grow and succeed. It’s our mission and our north star.

As we expect economic conditions to continue to fluctuate throughout 2023 in response to inflation, unemployment, supply chain shortages and more, NAFCU is working day in and day out to ensure you have the insights and data needed to successfully lead your credit unions through any economic storm.

The NAFCU research team produces several monthly and quarterly reports that can help you accurately and effectively digest the latest data and the most recent trends that impact your credit union:

  • Macroeconomic Data Flash Reports: Each report dives into the latest data from economic indicators in all facets of the economy, from retail sales and existing-home sales to consumer credit and the consumer price index, plus many more.
  • Economic & CU Monitor: This monthly report combines the latest macroeconomic forecasts and insights along with trend data from NAFCU member credit unions through the Credit Union Sentiment Index – a monthly measure of credit union views on growth, loan conditions, and regulatory burden. Each issue also includes a survey to inform the special topic for the following issue.
  • CU Industry Trends: The quarterly report helps credit unions stay up-to-date with the latest key trends within the industry based on National Credit Union Administration (NCUA) data and provides credit unions with greater perspective on their own credit union’s progress. The NCUA data is examined at the industry level and broken down by state and asset class.
  • Salary Comparison Report: This report provides a thorough review of staff salary data for credit union industry positions by state and metropolitan statistical area. These files allow credit unions to view annual and hourly salary ranges for select positions, as well as historical median and pay growth rates, allowing them to benchmark staff salaries with other businesses with whom they are competing for top talent.

In addition, NAFCU offers members two quarterly reports to measure their credit union’s performance against their peers. The CU Performance Benchmark Report provides broad measures of a credit union’s financial performance and compares them against the credit union’s own regional and asset class peers. The Operating Expense Report drills down into a credit union’s non-interest expenses, comparing them with asset class averages and detailing where the credit union ranks amongst peers. These reports give credit unions a much-needed customized financial performance analysis based on member growth, earnings, asset quality, capital adequacy, employee compensation and much more.

These reports and surveys not only provide insights to our credit union members, but also help inform our advocacy strategy when we meet with lawmakers and regulators. Sharing what you’re seeing on the ground and among your members will enhance our ability to make legislative and regulatory recommendations that strengthen the entire industry.

As the nation continues to navigate the unknown, NAFCU is here to help you guide your credit union. Utilize these reports as you create your roadmap through what may be a bumpy road ahead. 


NAFCU’s Grassroots Action Center allows credit unions to easily find their polling location, search for local candidates and more. Take advantage of this resource ahead of the upcoming election by visiting www.nafcu.org/grassroots.

Advertisement