League's Blau Interviewed for Virginia Business Article
League Chief Advocacy Officer JT Blau was interviewed for a recent Virginia Business magazine article on lenders' efforts to manage stubbornly high inflation and rising interest rates.
Blau offered a credit union perspective for the article, noting the impact of high inflation and rising interest rates on consumers' decision-making when it comes to seeking loans, especially mortgage loans. He notes that credit unions are feeling the effects of the rise in interest rates, which is pricing many members out of the homebuying market.
He noted, too, that auto lending has grown at a steady clip in recent quarters, driven by several factors, including high vehicle prices and strong demand. While credit unions haven't moved as quickly as other lenders to raise interest rates on vehicle loans, it's clear that other factors will affect consumer interest in car buying, including some lingering issues related to production and the supply chain.
“Inflation plays a huge part in the household budget,” he says in the article. “Our members are weighing gas, car payments, all these factors, along with all the other elements of a budget. Finding a car payment that works can be difficult.”
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