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In a December 24,
2020 article in finance.townhall.com,
Mark Skousen writes: “Despite the collapse of some parts of the economy
and severe unemployment due to the shutdown, the U.S. economy appears
to be making a V-shaped recovery. The e-commerce, health care and
educational sectors moved quickly to adjust to the new environment.”
It appears that in
2021, businesses, and later consumers, will be actively expanding the
American economy. Financial institutions should be preparing for a
potential drawdown of deposits and an uptick in loan demand. These
changes in the economy will result in changes in financial statements
and profit/loss statements. Credit unions need to be forecasting the
possible impacts on their balance sheets.
TCT’s Budgeting and
Profitability Projection tools allow credit union
managers the ability to project the impacts local and national economic
changes will have on profitability and equity.
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