Consumers are reluctant to take on additional debt in the wake of the coronavirus, cutting into credit unions' revenue streams. That could spur more institutions to roll out rewards programs to promote debit card usage.
A new report from Access Softek showed at least one in five members are likely to reduce their branch visits once the pandemic ends, though the risk of consumers leaving their credit union entirely may have declined.August 5
Along with the assets-under-management milestone, Michigan Business Connection noted that its partner credit unions have financed more than 1,000 Paycheck Protection Program loans.August 4
Over 90% of loans from CUs in the Empire State are eligible for forgiveness using the $150,000 threshold.August 4
Director of operational risk managementPenFedJuly 28
CEOCU RiseJuly 24
Board memberNational Credit Union AdministrationJuly 21
The National Credit Union Administration's first-quarter look at credit union performance by state includes several metrics where the industry did not fare well.
The agency has freed companies from reporting requirements and provided flexibility on exams to help them deal with COVID-19 fallout. It has also finished other regulatory relief efforts that were in the pipeline before the pandemic hit.
Democrats’ latest proposal to back debt collectors, enable loans for nonprofits and provide other relief could help steer negotiations with the Senate on more stimulus.
The central bank’s programs announced since mid-April in response to the coronavirus outbreak match if not exceed the actions it took during the 2007-9 financial crisis.