FROM THE CEO
To Our Members
Please allow me a moment to discuss COVID-19, the economy, and a tremendous new service coming your way:
First of all, COVID-19 restrictions continue to be reduced and the return to normalcy is moving in a positive direction. We hope and pray this continues to be the case. We have now opened our lobbies for teller transactions in all locations. We sincerely thank our membership for being patient as we navigated through the many government regulations. We’re extremely proud of our staff and the fact that we remained full-service throughout, albeit via our drive-thru facilities.
Secondly, the economy appears to be on the mend. The Credit Union National Association (CUNA) recently conveyed their economic overview. CUNA indicates the most significant changes to their previous February forecast include:
- The economy is estimated to grow 6.0% in 2021 and 4.0% in 2022, up from previous forecasts of 4.5% and 3.5% respectively.
- Similarly, the overall measure of Consumer Price Index (CPI), including food and energy, is expected to rise 3.0% in 2021 and 2.5% in 2022, up from their previous estimates of 2.1% and 2.3%.
- The unemployment rate is now forecasted to fall to 5.0% by year-end 2021 and 4.0% by the end of 2022, an improvement from previous forecasts of 5.5% and 4.5%.
- The 10-year Treasury yield is predicted to rise to 2.0% by the end of 2021 and 2.50% by year-end 2022, significantly higher than previous forecast of 0.50% in both years.
Of course, these predictions are based on a number of assumptions, such as the U.S. population attaining COVID-19 herd immunity by mid- to late-summer and passage of President Biden’s “Build Back Better” infrastructure plan sometime during the second half of 2021.
Suffice it to say, we are hoping for a steady economic recovery barring any significant and unexpected world-wide events. It looks like rates may slowly rise along with improved employment numbers.
And last but certainly not least, is our new Digital Banking Experience that we are announcing as I write this letter. This will allow members to see a seamless design on all devices—desktop, tablet and mobile. This is expected to go live July 20, 2021. This will be a major upgrade in service and ease of conducting your digital banking needs. We hope you enjoy the experience! You can read more about digital banking in this newsletter.
Take care and have a great summer and thank you for your continued business.
John Reed Chief Executive Officer