The industry's return on average assets has already dropped substantially and there are predictions that could get even worse. Many institutions will have to deal with elevated provisions for loan losses and expense management to survive.
CUNA Mutual Group previously provided this service through a joint venture with PMI Mortgage Insurance but exited the business in 2014.August 10
Trade groups are still pushing for the industry's priorities, such as temporarily lifting the member business lending cap, as negotiations over the next round of aid continue.August 10
Schools are still figuring out how they will open this fall, with some districts providing online education while others try a hybrid approach of online and in-person instruction. This complicated structure also upends how schools handle fees and payments.August 10
The deal is said to be well-suited to the coronavirus era, when in-person transactions have been limited by social distancing and other factors.August 7
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.