The NAFCU Journal January - February 2018 - 26

2018 ECONOMIC OUTLOOK

IT'S
COMPLICATED

The 'gig economy' is growing, creating new challenges
for credit unions in 2018
By Anne Saita

T

his past fall Sam Inman, the
chief financial officer for Community First Credit Union of
Florida, struck up a conversation with an Uber driver while he was
visiting New Orleans. The woman said
she worked part time but had expensive
tastes. So, she told him, she moonlighted for Uber primarily to pay her
$400 monthly car insurance.

work.' From a lending perspective, this
certainly complicates things."

There currently are an estimated 68
million others in the United States
like this driver - working a series of
part-time jobs instead of one full-time
position - according to a McKinsey
report. By 2020, Intuit, makers of TurboTax, estimate 43 percent of the nation's
workforce will be part of the growing
"gig economy."

Meanwhile, credit unions should not rely
heavily on auto loans and, depending on
their region, should forecast for slower
mortgage lending - but, perhaps, more
home equity loans. The hesitation comes
from the economy being at greater risk
of a recession.

"When I look at the overall economy, I
think jobs are changing in the types of
work particularly younger people are
doing," Inman said. "They may have multiple jobs, but individually they do not
add up to full-time. I call it 'fractional
26

This also could be a challenge for credit
unions in 2018. They must determine the
creditworthiness of current and prospective members who have highly variable
incomes. Such members have always
existed - think of those who work in
sales - but their numbers are growing.

The NAFCU Journal annually asks
members of the Credit Union Economics Group (CUEG) in mid-October
to help predict where lending, interest rates and the overall economy are
heading. Some were more confident
than others given their forecasts were
made at the onset of the fourth quarter
THE NAFCU JOURNAL  JANUARY-FEBRUARY 2018



Table of Contents for the Digital Edition of The NAFCU Journal January - February 2018

Conferences
From the Chair
Advocacy Snapshot
Washington and Industry Briefs
Growth Strategies
Stepping Into the Future
A Clear Path Forward
Economic Outlook: It’s Complicated
NAFCU 2018 Vendor Directory
Executive Spotlight
Management Insight
Compliance Central
Inside NAFCU Services
From the President’s Desk
The NAFCU Journal January - February 2018 - Cover1
The NAFCU Journal January - February 2018 - Cover2
The NAFCU Journal January - February 2018 - 1
The NAFCU Journal January - February 2018 - 2
The NAFCU Journal January - February 2018 - Conferences
The NAFCU Journal January - February 2018 - From the Chair
The NAFCU Journal January - February 2018 - 5
The NAFCU Journal January - February 2018 - Advocacy Snapshot
The NAFCU Journal January - February 2018 - 7
The NAFCU Journal January - February 2018 - Washington and Industry Briefs
The NAFCU Journal January - February 2018 - 9
The NAFCU Journal January - February 2018 - 10
The NAFCU Journal January - February 2018 - 11
The NAFCU Journal January - February 2018 - 12
The NAFCU Journal January - February 2018 - 13
The NAFCU Journal January - February 2018 - 14
The NAFCU Journal January - February 2018 - 15
The NAFCU Journal January - February 2018 - Growth Strategies
The NAFCU Journal January - February 2018 - 17
The NAFCU Journal January - February 2018 - Stepping Into the Future
The NAFCU Journal January - February 2018 - 19
The NAFCU Journal January - February 2018 - 20
The NAFCU Journal January - February 2018 - 21
The NAFCU Journal January - February 2018 - A Clear Path Forward
The NAFCU Journal January - February 2018 - 23
The NAFCU Journal January - February 2018 - 24
The NAFCU Journal January - February 2018 - 25
The NAFCU Journal January - February 2018 - Economic Outlook: It’s Complicated
The NAFCU Journal January - February 2018 - 27
The NAFCU Journal January - February 2018 - 28
The NAFCU Journal January - February 2018 - 29
The NAFCU Journal January - February 2018 - 30
The NAFCU Journal January - February 2018 - 31
The NAFCU Journal January - February 2018 - 32
The NAFCU Journal January - February 2018 - 33
The NAFCU Journal January - February 2018 - 34
The NAFCU Journal January - February 2018 - NAFCU 2018 Vendor Directory
The NAFCU Journal January - February 2018 - 36
The NAFCU Journal January - February 2018 - 37
The NAFCU Journal January - February 2018 - 38
The NAFCU Journal January - February 2018 - 39
The NAFCU Journal January - February 2018 - 40
The NAFCU Journal January - February 2018 - 41
The NAFCU Journal January - February 2018 - 42
The NAFCU Journal January - February 2018 - 43
The NAFCU Journal January - February 2018 - 44
The NAFCU Journal January - February 2018 - 45
The NAFCU Journal January - February 2018 - 46
The NAFCU Journal January - February 2018 - 47
The NAFCU Journal January - February 2018 - 48
The NAFCU Journal January - February 2018 - 49
The NAFCU Journal January - February 2018 - 50
The NAFCU Journal January - February 2018 - 51
The NAFCU Journal January - February 2018 - Executive Spotlight
The NAFCU Journal January - February 2018 - 53
The NAFCU Journal January - February 2018 - Management Insight
The NAFCU Journal January - February 2018 - 55
The NAFCU Journal January - February 2018 - Compliance Central
The NAFCU Journal January - February 2018 - 57
The NAFCU Journal January - February 2018 - Inside NAFCU Services
The NAFCU Journal January - February 2018 - 59
The NAFCU Journal January - February 2018 - From the President’s Desk
The NAFCU Journal January - February 2018 - Cover3
The NAFCU Journal January - February 2018 - Cover4
https://www.nxtbook.com/ygsreprints/NAFCU/nafcu_NovemberDecember2020
https://www.nxtbook.com/ygsreprints/NAFCU/nafcu_SeptOct2020
https://www.nxtbook.com/ygsreprints/NAFCU/nafcu_JulAug2020
https://www.nxtbook.com/ygsreprints/NAFCU/nafcu_MayJun2020
https://www.nxtbook.com/ygsreprints/NAFCU/nafcu_MarApr2020
https://www.nxtbook.com/ygsreprints/NAFCU/nafcu_JanFeb2020
https://www.nxtbook.com/ygsreprints/NAFCU/nafcu_NovDec2019
https://www.nxtbook.com/ygsreprints/NAFCU/G109023_nafcu_septoct2019
https://www.nxtbook.com/ygsreprints/NAFCU/G106941_nafcu_julaug2019
https://www.nxtbook.com/ygsreprints/NAFCU/G105388_nafcu_mayjun2019
https://www.nxtbook.com/ygsreprints/NAFCU/G103030_nafcu_marapr2019
https://www.nxtbook.com/ygsreprints/NAFCU/G88665_nafcu_janfeb2019
https://www.nxtbook.com/ygsreprints/NAFCU/G100235_nafcu_novdec2018
https://www.nxtbook.com/ygsreprints/NAFCU/G98517_nafcu_septoct2018
https://www.nxtbook.com/ygsreprints/NAFCU/G96479_nafcu_julaug2018
https://www.nxtbook.com/ygsreprints/NAFCU/G93390_nafcu_mayjune2018
https://www.nxtbook.com/ygsreprints/NAFCU/G90161_nafcu_marapr2018
https://www.nxtbook.com/ygsreprints/NAFCU/G88665_nafcu_janfeb2018
https://www.nxtbook.com/ygsreprints/NAFCU/G83806_nafcu_novdec2017
https://www.nxtbook.com/ygsreprints/NAFCU/G80296_nafcu_septoct2017
https://www.nxtbook.com/ygsreprints/NAFCU/G79086_nafcu_julyaugust2017
https://www.nxtbook.com/ygsreprints/NAFCU/G75911_nafcu_mayjune2017
https://www.nxtbook.com/ygsreprints/NAFCU/G73247_nafcu_marapr2017
https://www.nxtbook.com/ygsreprints/NAFCU/G71923_nafcu_janfeb2017
https://www.nxtbook.com/ygsreprints/NAFCU/G69249_nafcu_novdec2016
https://www.nxtbook.com/ygsreprints/NAFCU/nafcu_septoct2016
https://www.nxtbook.com/ygsreprints/NAFCU/g63853_nafcu_julaug2016
https://www.nxtbook.com/ygsreprints/NAFCU/g61005_nafcu_mayjun2016
https://www.nxtbook.com/ygsreprints/NAFCU/g58935_nafcu_marapr2016
https://www.nxtbook.com/ygsreprints/NAFCU/g56716_nafcu_janfeb2016
https://www.nxtbook.com/ygsreprints/NAFCU/g55605_nafcu_novdec2015
https://www.nxtbook.com/ygsreprints/NAFCU/g53582_nafcu_sepoct2015
https://www.nxtbook.com/ygsreprints/NAFCU/g52154_nafcu_july2015
https://www.nxtbook.com/ygsreprints/NAFCU/g50302_nafcu_mayjune2015
https://www.nxtbook.com/ygsreprints/NAFCU/g48554_nafcu_marapr2015
https://www.nxtbook.com/ygsreprints/NAFCU/g47118_nafcu_janfeb15
https://www.nxtbook.com/ygsreprints/NAFCU/g45886_nafcu_novdec2014
https://www.nxtbook.com/ygsreprints/NAFCU/g44155_nafcu_sepoct2014
https://www.nxtbook.com/ygsreprints/NAFCU/g42892_nafcu_julyaug2014
https://www.nxtbook.com/ygsreprints/NAFCU/g41296_nafcu_mayjun2014
https://www.nxtbook.com/ygsreprints/NAFCU/g39799_nafcu_marapr2014
https://www.nxtbook.com/ygsreprints/NAFCU/g38961_nafcu_janfeb2014
https://www.nxtbook.com/ygsreprints/NAFCU/g38041_nafcu_novdec2013
https://www.nxtbook.com/ygsreprints/NAFCU/g36539_nafcu_sepoct2013
https://www.nxtbook.com/ygsreprints/NAFCU/g34910_nafcu_julaug2013
https://www.nxtbookmedia.com