2020 was quite the year. What you would expect to happen in a lockdown/recession situation has been actually the opposite of what really happened, in most cases. With moratoriums being extended and a potential of 1.9 trillion dollars in stimulus, money that would’ve been otherwise used for rent, bills, and loans will be propped up by unemployment, mortgage foreclosure forbearance’s, etc.
So what can we expect next? In this edition of 3 Minute Banker, Senior Director Dustin Allen, takes a deep dive into some data to see the cause of growth trends in deposits, the impact of stimulus dollars, and some of our expectations for the next year.