Photo / Courtesy of Maine Credit Union League
Todd Mason, president and CEO of the Maine Credit Union League.
Updated: January 9, 2023
2023 Forecast: As rates surge, credit unions see niche in ‘affordable financing options’
By Ann Fisher
With the price of heating oil and kerosene still so high, it’s no surprise Maine credit unions are seeing an increase in loan applications from members who want to install equipment that will make it cheaper to heat their homes.
“Whatever ends up happening in 2023, credit unions are going into the year in a strong position to help regardless of the direction the economy may take,” according to Todd Mason, president and CEO of Maine Credit Union League. “However, we do see energy costs remaining high, and so many credit unions are offering fuel loans to help Mainers even out their expenses over the year, or install more efficient heating options.”
The good news is, “We also see the supply for new and used vehicles improving, and as a result, credit unions will be there with affordable financing options,” he says. “As we look to 2023 and beyond, the big expansion plans will be focused on providing more digital banking, lending and payment options.”
Credit unions will continue to hire throughout 2023 at all levels, according to Mason, and also plan to promote from within. Management teams are often made up of staff that began in entry- or mid-level positions and move into leadership roles.
“This is especially true for those who want to be part of mission-oriented organizations that make a positive impact in their communities and for the people they serve,” Mason says.
Founded in 1938, Maine Credit Union League is a nonprofit that provides advocacy, education, and other resources to help credit unions meet members’ needs. Through September 2022, the most recent statistics available from Callahan and Associates third quarter 2022 performance summary for Maine Credit Unions, 732,821 residents belong to one of the 50 chartered Maine credit unions. Total assets held by the financial institutions total $11.3 billion, according to the survey, with total loans equaling $7.4 billion.
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