CUInsight Weekly Minute with Robbie Young – July 15, 2022
Our favorites from the week in sixty seconds.
Welcome to the CUInsight Minute, sixty seconds from our Associate Publisher Robbie Young with our favorite reads from the week
Mentioned:
I recently discovered the Superfan episodes of the sitcom, “The Office,” which prompted me to go back and watch the series from the beginning. I hadn’t remembered that the series’ second episode was “Diversity Day.” The corporate office had hired a consultant to raise awareness about diversity as a result of something Michael Scott had done. Fans of The Office might expect that every attempt Michael made to have positive conversations and interactions around diversity ultimately led to more cringeworthy moments.
As a person of color, I live with micro-aggressions. Simply put, micro-aggressions are these moments, experiences, or incidents of indirect, subtle, or unintentional discrimination. The most common place where these occur is the workplace. Here are a couple of real-life examples. [read more]
Are you ready for the next economic downturn and recovery?
From rising inflation, rate hikes, and a slowdown in growth across U.S. financial institutions, all signs are pointing to a looming economic downturn. According to S&P Global Market Intelligence data, total deposits across the industry were up 1.2% quarter over quarter – the weakest growth since the third quarter of 2020. Additionally, total loans and leases increased 1.0% in the first quarter – down from the 3.0% growth rate in the previous quarter.
Consumer spending is also starting to slow, across both goods and services. Bloomberg reported that while earlier this year, many strategists expected consumers to ramp up vacation traveling and go out to restaurants more often, that hasn’t been the case for the last six weeks. Services spending grew only 15% from the same period in 2021, compared with roughly 30% earlier this year. [Read more]
Credit unions must act local, but think global
Last month, on a plane to India to open our company’s newest office, I had hours to reflect on changes in the credit union industry since my work here began in 2004.
The digitization of financial services has, in many ways, challenged and changed the way credit unions think about themselves. As organizations that were built around community and personal touch, the accelerated role of technology has for some felt like a departure from long-held traditions.
But change has been necessary, and with new thinking, incredible opportunities for growth have emerged. On that plane to India, I couldn’t help but feel I was heading toward an exciting future where credit unions act local, but think global. Here is why I see a world full of possibilities for credit unions. [read more]
