Thanks to the policies of the Federal Reserve, quantitative easing and both long- and short-term interest rate projections, Dr. Nick Perna is optimistic, although not enthusiastic, about U.S. economic growth over the next decade.
"We're going to scrape by," said Perna, the resident economist at Alloya Corporate Federal Credit Union in Warrenville, Ill., to attendees Wednesday at the Credit Union Association of New York's 2014 Economic Forum this week in Albany, N.Y.
"There will be ups and downs, but we will have enough momentum to move through it. But I would not rule out another period of low interest rates," Perna said.
Perna's outlook on the U.S. economy was generally positive, but he mentioned several global risks, including Europe's unstable economy, the war in Ukraine and turmoil in the Middle East, that could stifle recovery growth. His session opened the second day of the event.
The forum kicked off Tuesday with a presentation from Gene Marks, a consultant, author, columnist and blogger who regularly contributes to national publications. An expert on business management, Marks updated the group with business trend information that is affecting small and mid-sized companies.
After Marks' presentation concluded, attendees chose from three concurrent breakout sessions led by industry experts. The sessions focused on increasing loan profitability, asset-liability management trends and the changing nature of recessions.
Tuesday's agenda concluded with a networking reception, offering attendees opportunities to connect with their peers.
"Without a doubt, the networking opportunities with other credit union individuals is extremely valuable," said John Felton, manager/CEO of the $60.7 million Southern Chautauqua Federal Credit Union in Lakewood, N.Y. "During this forum, we've had speakers who get the mind thinking, and then we're able to talk to our colleagues and get their perspectives. It just multiplies the overall value of the event."
Perna opened Wednesday's session. The forum concluded with a lighthearted presentation from keynote speaker Fred Schafer. A longtime credit union member, author, wellness coach and speaker, Schafer encouraged the group to "strike back" at mediocrity.
"I took a few messages away from Fred's presentation," Lynn Gray, CEO of $46 million Remington Federal Credit Union in Ilion, N. Y., said. "Specifically, I enjoyed how he encouraged us to grow as individuals by taking more chances in our personal and professional lives."
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