CUNA Economic Update

February 2018

Jordan van Rijn,

Senior Economist

CUNA Economic Update is sponsored by

5.0

7.3

9.99.3

8.57.9

6.7

5.65.0 4.7

4.1 4.1 3.9

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018January

2018Forecast

Unemployment RatePercent Changes

Source: BLS

$0

$10

$20

$30

$40

$50

$60

$70

$80

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20160

50,000

100,000

150,000

200,000

250,000

300,000

In Billions

Member Business Lending by Credit UnionsSource: CUNA

No. business Loans Amt. Business Loans (billions)

Source: Federal Reserve Small Business Credit Survey (April 2017)

Source: Federal Reserve Small Business Credit Survey (April 2017)

Source: Federal Reserve Small Business Credit Survey (April 2017)

$275,105

$48,392

$1,071,426

$102,177

Conditional Mean Conditional Median

Credit Union Bank

Business Equity

10.0%

14.7%

Percentage who own any Business Equity

Credit Union Bank

Business Equity represents the net value of the business if it were to be sold at the time of the surveySource: Survey of Consumer Finances (2016).

Source: Federal Reserve Small Business Credit Survey (April 2017)

Credit Union Competitive Advantage

1. Borrower acquisition

2. Borrower experience & satisfaction

3. Customer & product mix

4. Costs of funds

5. Cost of underwriting, operating & regulatory compliance

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CUNA Economic Update is sponsored by