How credit unions can prepare for the twists and turns of the 2023 economy

The economy has taken some wild and unpredictable turns since 2020 and the beginning of the COVID-19 pandemic. When quarantines first began and businesses all over the country – the world – began to close their doors, many of us believed this would be the beginning of a financial crisis like we’ve never seen before. People committing more to savings, waiting for that other shoe to drop.

And for some it did – the impact of the furloughs and layoffs during that time should not be written off. But for the majority, things were very different. Banking, too, was heavily affected, though not quite in the ways we expected.