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CFOs Tackle Industry Threats, Spot Growth Opportunities

Many of the financial challenges facing credit unions in 2015 are carrying over from 2014 and earlier.

By Michael Muckian | Updated on January 12, 2015

This year, rising interest rate risk, falling interchange income, increased employee compensation in a tightening labor market and even the emergence of Apple Pay will have an impact on how credit unions operate, according to Steve Rick, chief economist for CUNA Mutual Group. Despite an economically encouraging environment, hurdles will vary depending on the size of the credit union.

“With the economy and loan demand expected to be so good this year, it’s hard to point to a lot of challenging issues CFOs will have to uniformly address in 2015,” Rick said. “With each credit union so unique, advice that might work for one credit union may be completely wrong for another.”

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