NAFCU Journal May June 2021

S urprisingly, the COVID-19 pan- demic resulted in a continued increase in deposits, which meant credit union leaders found them- selves looking for ways to manage growing assets in 2020 and into 2021. “Our trends are similar to the trends seen in all credit unions—deposit growth due to people saving more and spending less,” says Gina Seibert, assistant vice presi- dent of finance for PSECU. “As we have watched savings grow, we also wonder when the pent-up demand for spending is going to be released?” When people begin spending, lenders also wonder if they will use the cash they’ve saved or use credit or loans, she says. “I believe that we’ll all look back on 2020 and realize that this is the year that changed our members’ behaviors, as well as our industry.” While many people point to stimulus checks as the reason the level of savings for individuals exploded in 2020, the trend toward higher savings levels started before COVID-19 economic impact payments By Sheryl S. Jackson PLANNING AHEAD FOR THE UNPREDICTABLE Stress testing and scenario planning ensures faster decisions when needed 26 THE NAFCU JOURNAL May–June 2021