Report
491
Number
Nov 14 2019

Are You Prepared? Get Your Credit Union and Members Ready for Recession

What Filene's research says about preparing your credit union for the next recession.

Paul Dionne
Paul Dionne
Research Project Associate
Filene Research Institute
Report Number 491

Executive Summary

Winter is coming ... Many economists are forecasting an economic downturn or possible recession over the next two years. Although no one knows when the next storm will arrive, cyclical recessions are a part of life in our economic system. Each dip, downturn, and full-blown recession presents unique factors to consider, but careful planning and an evidence-based strategy will help your credit union not simply survive the next recession, but thrive through it.

Slowdowns bring opportunities as well as challenges. During the last recession, credit union loan growth rates across a range of measures rose while those for banks declined. Being prepared and proactive pays off, as many credit unions emerged from the recession stronger than ever. In crafting a plan for the next downturn, take advantage of lessons learned from the past and be ready for new challenges.

Filene Research Institute has published nearly 500 research reports over three decades. The archive is both deep and wide. Single studies give us important data points about a given phenomenon. Putting multiple studies into conversation, however, allows us to connect the dots, corroborate our findings, and track trends over time. So, as we revisit Filene’s archive, we are assembling curated collections of research reports on selected topics, providing you with a more comprehensive and strategic overview and giving you the resources that you need to make evidence-based business decisions. If one study offers a window onto what’s happening in the world, these collections will give you a foundation on which to build the whole house.