Most Americans Worried About Recession (Even If They Can’t Define It); Half Say They Could Lose Everything

ST. LOUIS–Three-in-four Americans are worried there will be a recession in 2023, while 69% say one is already here, according to a new Real Estate Witch poll that further found many are also questioning capitalism.

But as Real Estate Witch also acknowledged, “Americans’ scathing assessment of the economy may be shaped more by fear than facts, as more than three-fourths of Americans (77%) say they know the definition of a recession, but just 15% can actually identify the correct answer.”

As the company noted, a recession is loosely defined as two consecutive quarters of GDP decline.

Among the other findings:

63% are pessimistic about how the economy will perform in 2023.
64% believe fear of a recession could lead to a self-fulfilling prophecy
87% are preparing for a recession, with 44% saving more money and cutting back on non-essential spending
71% also say they have sacrificed their personal happiness to shore up their finances
55% say they’d lose everything if there was a recession
80% of Americans don’t expect the economy to improve at all in 2023, while nearly half (47%) expect it to get worse
58% believe the economy won’t recover to pre-pandemic levels before 2024, while nearly 18% don’t think it will ever recover
81% think there will be some type of market crash in 2023
93% think the economy was bad in 2022, with 44% saying it’s worse now than during the Great Recession
77% worry that the cost of goods and services will continue to rise in 2023, and 70% fear that price hikes could cause them to go into debt
21% think the U.S. economy would perform best under capitalism, while about 12% say socialism would be a better alternative
Boomers (38%) are nearly 2x more likely than Millennials (19%) and Gen Z (18%) to say capitalism is the best economic system

The full study can be found here.

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Cutting Through The Stablecoin Noise—What Credit Unions Actually Need To Know Now

By Ray Birch DOVER, Del.—By any measure, stablecoins have quickly become one of the most talked-about—and least understood—topics in credit union boardrooms. The pressure to “do something” is building, fueled by headlines, fintech momentum and a growing fear of being left behind. But according to InvestiFi CEO Kian Sarreshteh, that urgency may be misplaced. “There’s a lot of FOMO right now,” Sarreshteh said. “If I don’t adopt a stablecoin solution this year, I’m going to be left behind. I would argue pretty strongly that’s very far from the truth.” Instead of rushing to sign up for a Stablecoin pilot, Sarreshteh said credit unions should begin with a more fundamental question: what problem are you actually trying to solve? While stablecoins are often discussed as a potential challenger to traditional payment rails dominated by Visa and Mastercard, he believes that kind of mass-market disruption remains years away—especially in the U.S., where consumers already have fast, convenient opt...

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Senate Banking To Vote Thursday On Landmark Digital Assets Bill

“NCOFCU appreciates the Senate Banking Committee’s continued work during next week’s markup hearing to establish a clear and responsible regulatory framework for digital assets,” said the National Council of Fire Fighter Credit Unions (NCOFCU) leadership. “As lawmakers consider this legislation, it is essential that first responder credit unions are recognized as a vital part of the financial services ecosystem and are not overlooked in the evolving digital asset landscape. Credit unions serving police, fire, EMS, and other emergency personnel must have equitable access to innovation, regulatory clarity, and the tools necessary to continue supporting the financial readiness and resilience of America’s first responders.” Grant Sheehan CEO WASHINGTON—The Senate Banking Committee will vote on the long-awaited CLARITY Act this Thursday, Committee Chairman Tim Scott (R-SC) announced Friday. Tim Scott The announcement marks a potentially major step forward for legislation that would establis...

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The First Social Network

Credit Unions: The Original Social Network Long before likes, follows, shares, and friend requests, people built networks another way: They showed up for each other. That’s essentially how credit unions began. Not as financial corporations, but as human networks built on trust, shared experiences, and mutual support. In many ways, credit unions were the first true social networks. Before Technology Connected People, Communities Did Today’s social platforms promise connection. They help people share ideas, ask questions, organize communities, and support causes. But more than a century ago, credit unions were already doing something remarkably similar — only in person and with real financial stakes involved. Teachers gathered with teachers. Factory workers organized with coworkers. Church members helped fellow congregants. Military personnel supported military families. Firefighters stood beside fellow first responders. Police officers supported the communities and d...

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Meeting Portals - Why Choose MyBoardPacket.com

MyBoardPacket is known as the simplest, most secure, and affordable online board packet solution. A low monthly fee, with no setup fee, no annual contracts, free customer support and unlimited users! We use MyBoardPacket.com here at NCOFCU, and we love it! Exclusive discount of 25% for NCOFCU Members! Additional discounts are granted for small asset size credit unions! Why choose MyBoardPacket over other meeting portals? The Facts: MyBoardPacket was the first secure board portal on the market, starting in 2001. So easy to use that no training is required! However, for your peace of mind, you have unlimited support and training with your very own Trainer, which any Admin can schedule whenever needed. Unlimited users , committees, and meetings from anywhere! On MyBoardPacket everyone is on the same page . Month-to-month subscription – our customers are with MyBoardPacket because they love it, not because they are locked into a lengthy contract! MyBoar...

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Just Out! - NCUA Stablecoin Plan Opens Door To Credit Union-Backed Digital Dollar Issuers

ALEXANDRIA, Va.—A sweeping new NCUA proposal to implement the GENIUS Act could open the door for credit union-backed stablecoin issuance, but only through separately licensed subsidiaries operating under an extensive new federal regulatory framework that limits risks to the Share Insurance Fund. The 269-page supplemental proposed rule issued Friday lays out how “permitted payment stablecoin issuers” affiliated with federally insured credit unions would be supervised, examined and regulated by the NCUA, while also establishing rules covering reserves, liquidity, custody, operational risk, cybersecurity, anti-money laundering compliance and disclosure standards. The proposal supplements an earlier February 2026 proposal by the agency focused primarily on licensing and investments in stablecoin issuers. Federally insured credit unions themselves would still be prohibited from directly issuing payment stablecoins under the GENIUS Act. Instead, issuance would have to occur through a separa...

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Visa, Mastercard Revisions Will Cost Merchants more Than $475 Million Annually, Economist Says

NEW YORK—The two biggest U.S. card networks are preparing revisions to their interchange schedules that at least one research firm says will cost U.S. merchants an estimated $475 million in additional transaction fees. Though Visa Inc. and Mastercard Inc. have historically revised their rate schedules each April and October, “this April is particularly significant,” Callum Godwin, the Atlanta-based chief economist for CMSPI, a United Kingdom-based research firm, told Digital Transactions. The firm’s estimates indicate the changes in Visa’s rates will add up to a net $145 million in additional cost to acquirers. For Mastercard, the impact will net out to $330 million. The networks do not collect interchange. Merchant processors pay in...

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NCUA - How Many NCUA Staff are Leaving, & What Are They Taking With Them? Here are 3 Viewpoints

ALEXANDRIA, Va.–NCUA may have already reached its target of reducing staff by 20% as the Trump administration pressures regulatory agencies to reduce headcount, although the agency has not confirmed what several people said they are hearing. Thos same individuals have also expressed their concerns that a lot of “institutional memory” may be headed out the door. During a podcast hosted by Mark Treichel, who during his 33-year career worked his way up from examiner to executive director, John McKechnie, an advocate for credit unions on Capitol Hill who spent five years at NCUA as director of public and congressional affairs, and Geoff Bacino, who now leads an association management firm and who served on the NCUA board, shared what they have heard from inside NCUA regarding the staff reductions. Mark Treichel Updates & Board Meetings The NCUA board was to hear an update on that issue during its April board meeting, but after board members Todd Harper and Tanya Otsuka were fired by Pr...

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The Most Overlooked Growth Opportunity in First Responder Credit Unions

Credit unions spend enormous amounts of time, energy, and marketing dollars trying to acquire new members. But many institutions — especially sponsor-based first responder credit unions — are sitting on one of the most valuable growth opportunities already inside their existing membership base. The joint owner population. Every day, firefighters, police officers, EMTs, dispatchers, and other first responders join credit unions through sponsor relationships. During account opening, spouses or partners are often added as joint owners for convenience. They help manage the household finances. They use the debit card. They log into online banking. They interact with the credit union regularly. Yet in many cases, they never actually become full member-owners of the cooperative. They are connected to the institution — but not fully part of it. And that creates a major strategic opportunity. Why Joint Owner Conversion Matters For sponsor-based credit unions, converting joint owners into full m...

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Hood: Credit unions are safe and sound

Hood’s term on the NCUA Board will expire in August. NCUA Board Member Rodney Hood appeared via live stream with Brad Barnes, Air Academy Credit Union, and Amy McGraw, Tropical Financial Credit Union. The regulator lauds strong membership, asset, and loan growth. Despite recent headwinds, including high-profile bank failures, the credit union movement is still safe and sound, says Rodney Hood, NCUA board member, and immediate past chairman. “We’re not seeing the contagion like at other financial institutions,” says Hood, who addressed the 2023 CUNA Finance Council Conference Monday via live stream. The Silicon Valley Bank (SVB) crisis was one of confidence, he says. Ninety percent of SVB’s deposits were uninsured. In comparison, more than 91% of credit union deposits are insured. “We don’t have those entanglements,” Hood says. “That bodes well for our future.” He lauded America’s 4,800 credit unions for growing membership to 135 million, assets to $2.2 trill...

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CEOs of CUNA, NAFCU Offer First Public Remarks Since Announcing Merger Plan; Numerous Issues Discussed

COLORADO SPRINGS, Colo.–The CEOs of CUNA and NAFCU made their first joint appearance since the two trade groups announced plans to merge, addressing reasons for the proposed merger and what those who may oppose the merger should do, and further speaking to the concerns of smaller CUs and what will happen with conferences, as well as stressing the combination is not being driven by problems at either group. During a 45-minute Q&A at the Defense Credit Union Council (DCUC) annual meeting, CUNA CEO Jim Nussle and NAFCU CEO Dan Berger answered questions posed by DCUC CEO Tony Hernandez, as well as from CUToday.info and members of the audience. As CUToday.info reported here , the two trade groups are proposing to merge and create a new organization called America’s Credit Unions that will be led by Nussle—who was appearing at the DCUC meeting on the 89 th anniversary of CUNA’s creation--with Berger departing NAFCU at year-end. At one point Berger received a standing ...

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