NEW YORK–At least 30 banks nationally will earn as much in income from the Paycheck Protection Program as they reported in net revenue for all of 2019, according to one new analysis. But there’s a big caveat: it has been a “massive headache” for many, and bigger problems could be ahead for lenders.
Fresh Today
ALEXANDRIA, Va.–Maine is leading all other states in asset and deposit growth, according to the latest NCUA state-level data ending in the first quarter of 2020.
LE MARS, Iowa—Members of the $57-million N.W. Iowa Credit Union have voted down a proposed merger between the $205-million Siouxland Federal Credit Union, according to a post on N.W. Iowa’s website.
ALEXANDRIA, Va.—In response to NCUA's request for comment on its proposal to allow low-income credit unions (LICUs), complex credit unions, and newly formed credit unions to issue subordinated debt that operates as regulatory capital, NAFCU expressed support for the proposal but urged the agency to reconsider the rule's complex procedural requirements that could discourage investors and issuers.
WASHINGTON—The House Appropriations Subcommittee on Financial Services and General Government (FSGG) has advanced its version of the fiscal year 2021 FSGG bill, which included $273.5 million for the Treasury's Community Development Financial Institutions (CDFI) Fund and $2 million for the NCUA's Community Development Revolving Loan Fund (CDRLF).
WASHINGTON—The economic disruption caused by the COVID-19 pandemic caused outstanding consumer credit at credit unions to fall during May, according to Federal Reserve data. However, the pace of decline slowed compared to April's pace.
WASHINGTON—Ahead of a House Financial Services subcommittee hearing examining the challenges that women- and minority-owned businesses may face when accessing capital and financial services during the pandemic, NAFCU offered support for the subcommittee's efforts to address those issues.
RANCHO CUCAMONGA, Calif. – As consumers continue to engage remotely and aggregate their financial lives from a multitude of apps and institutions, there is significant opportunity for credit unions to shift their strategic approach and win members through their daily exercise of making payments, says CO-OP Financial Services, which has released a new guide that offers strategies to leverage payments to earn primary financial relationships with members.
UNITY, Maine – One of the country’s newest credit unions, Maine Harvest FCU, has announced a new program that will pay closing costs for purchasing or refinancing farmland in Maine.
ALEXANDRIA, Va.–The World Council of Credit Unions’ work to expand financial inclusion in Africa was given a nod by NCUA Chairman Rodney Hood in remarks given during a webinar presented by the Institute of International Bankers (IIB).