ARLINGTON, Va.-Turmoil in the current financial systems will only make credit unions stronger by 2109, according to NAFCU President Fred Becker.
"I wonder if in 100 years you will have the big banks we have today - Congress is certainly looking at them," said Becker. "Credit unions have a tremendous opportunity. By and large, in comparison to the banking industry, credit unions are doing very well. Our insurance fund is certainly not bankrupt and we don't have liquidity problems. We will be around in 2109 as a bigger fixture than we are today."
Becker believes that the credit union movement will gain momentum, Congressional backing, and many more members in 100 years. "There will be a greater appreciation and recognition for all we do."
How credit unions will look and deliver services will likely change, Becker said. But CUs will remain full-service financial institutions. "But I can't predict what new products and services we will be offering in the future. But I know we will be providing them."
Becker also said he does not expect ATMs to be in existence, and the same for branches. "Possibly just one main office," he predicted. "And that operation could be located anywhere in the country."
The capital issues facing some credit unions today will not impeded the industry's future success, according to Becker, who believes the market is turning and will resolve some of those problems.
Finally, Becker sees credit unions consolidating to about 6,000 a century from now.
