According to a survey of more than 450 senior credit union executives, CEOs are feeling more positive than last year in spite of the regulatory cloud. Only 16 percent report that they are either somewhat or very pessimistic about 2012, and almost half of CEOs (43 percent) feel either somewhat optimistic or very optimistic about 2012. The survey was conducted by Abound Resources, a CUNA Strategic Services alliance provider since 2010.
Unlike 2011, when regulations such as the Dodd-Frank Act and the Durbin Amendment created uncertainties, CEOs in 2012 are a bit more optimistic because they are now able to plan for the impact of these and other regulations and drive their organizations toward the future.
But regulations, along with a weak economy and loan demand, continue to weigh on CEO’s minds. “Credit union CEOs are very concerned about the regulatory environment because they often lack internal resources to fully understand what will be required,” says Brad Smith, president/CEO of Abound Resources. “Most credit unions will require external assistance to fully prepare for the coming regulatory requirements.”
In addition to CEOs, Abound Resources polled chief operating officers, chief information officers and chief financial officers about their technology concerns and project plans.
Smith will present the highlights of the survey in a free webinar January 24 at 2 p.m. CST. To register, click here. A complimentary white paper analyzing the complete survey results will be available the same day.