Credit unions can count on 2014

by. Dave Foss

It was a good year, 2013. As we closed out the year, credit unions were given many positive indicators for industry progress and performance, as well as for opportunities in 2014.

Bipartisan agreement on the two-year government spending plan is something that we should all celebrate. Congress came to final approval of the plan in December, allowing the Senate to pass it on to President Obama who has signaled in its favor. Discussions on the debt ceiling are also in full swing and conversations, although tense, have nonetheless begun-all well before the deadline.

Janet Yellen’s selection as chairman of the Federal Reserve appears to be another piece of good New Year news. She is well qualified to lead, and has received an impressive amount of support from both national and international sources. Upon the announcement, U.S. index futures climbed and Treasuries rose; perhaps a foreshadowing of the road ahead?

Credit unions again had fewer failures and conservatorships last year, and healthy M&A activity flourished. Additionally, I think we can all feel some relief in the mere fraction of 2013 bank failures: 24.

These are all big steps that help address the vulnerable state of our industry. With a return to some degree of both credibility and stability, advancements in payments, mobile and efficiency solutions position us all for a return to a period of growth.

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