In 2004, when the survey was first introduced, U.S. GDP was 4% and unemployment was 5.5%, The CU CEO Confidence Index back then registered almost 20 points higher than it does today.

Jeanne Walker, CEO of the $78 million Southern Federal Credit Union in Houston, participated in the first survey as well as the current one. In 2004, Walker expressed concerns regarding employment levels and the ability of members to handle additional debt.

In the current survey, Walker remained concerned about unemployment, but was happy her members, who are concentrated in the oil industry, are able to find jobs plentiful now. She is still concerned about debt, but her members’ higher income levels also mean they spend more, which has been good for lending.

“Our members’ finances appear to be getting better, but we had more bankruptcies last year than usual,” Walker said. “Thankfully, charge-offs are low. Our members are loyal, and the majority do repay.”

Only two survey measurements reflected new highs for the year – loan demand and credit union future financial condition – while the remaining measurements were equal to or lower than the average for the past four quarters.

“Interest rates are not expected to be significantly higher during 2014, loan demand should improve, but most likely will be concentrated with the larger credit unions, and share growth should be at the most, moderately better,” said Brian Turner, director and chief strategist for Catalyst Strategic Solutions, part of Catalyst Corporate.