ARLINGTON, Va.—Though predicting a “soft landing” for the economy overall, NAFCU’s Tun Wai said the economy continues to put a tight squeeze on credit unions. “We still have something of an inverted yield curve,” Wai said, adding that the housing sector continues to weaken. Another bad sign: consumer debt continues to grow, with the financial obligation ratio exceeding 19%. This, Wai said, is an indication of lower loan quality. “This is a difficult environment for a lot of institutions,” he commented. Wai offered the economic outlook in place of Jeff Taylor, who has left NAFCU to join the Associated Builders and Contractors.
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