WASHINGTON - The undercurrent of concern at this year’s GAC may as well have been taken from a page of the 1988 presidential campaign: It’s the economy, stupid. The CEO of one credit union in Michigan bemoaned the beleaguered economy in her state, but added that interacting with her colleagues across the country offered her a little bit of optimism.
“When I talk with some of the other CEOs here and hear what’s happening in their states, it’s good to hear that there’s some life out there,” she said. “It gives me hope for Michigan.”
Still, it is not just Michigan that is feeling the pinch. Credit unions in Florida and Missouri both told Credit Union Journal they were seeing a spike in voluntary auto repossessions.
“Members are just walking into the branch, handing us the keys and saying, ‘Here, you take it, I can’t afford to keep paying on it,’” one credit union director related. “They’re just walking away from their cars.”
