SIGNAL HILL, Calif.—Doing the same thing over and over again and expecting a different outcome is one of the biggest issues facing many small credit unions, according to Christine Wood.
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LAKE FOREST, Ill.—For the first time in a decade, credit unions reduced annual expenses during 2020, as financial institutions overall became more efficient during the pandemic-stricken year, according to a new report.
ATLANTA–California’s announcement that it will ban sales of new gas-powered vehicles by 2035 is giving lenders something to think about—in 2021.
SIGNAL HILL, Calif.–At the same time industry analysts and consultants are expecting credit unions to see a stronger 2021 due to unrealized loan losses in 2020, many credit unions are reporting they have a similar forecast. But that doesn’t mean some CUs are reducing their provisions just yet, as at least one person is urging caution.
IRVINE, Calif.—As the New Year arrives, many credit unions are looking forward to a better bottom line in 2021, thanks in large part to provisions set aside in 2020 for anticipated loan losses that never arrived. But they are also being cautioned the “one-time event” isn’t a salve for not taking other steps.
LATHRUP VILLAGE, Mich.—One credit union that never closed its lobbies during the pandemic says it will not require staff to get the COVID-19 vaccine.
ANN ARBOR, Mich.–The trendline is clear about the “slow, steady decline” in member satisfaction with their credit unions, perhaps the result of service offering shortcomings the pandemic has exposed. Whether credit unions reverse that decline will depend on recognizing how service delivery is changing and whether CUs make the right investments, according to one person.
BIRMINGHAM, Ala.—The definition of member service is changing in an increasingly digital environment, and a new NCUA proposal that changes the definition of “service facilities” is long overdue, according to one former NCUA chairman.
LAKE FOREST, Ill.—With the new COVID-19 stimulus package set to drive even more deposits into credit unions, checking deposits are likely to hit record levels in 2021, one economist is forecasting.
KALAMAZOO, Mich.—There are legal and human resource issues credit unions must carefully address as the COVID-19 vaccine becomes available and CUs devise policies around staff immunization, advises one attorney, who also said no employee objection to getting the vaccine should be taken lightly.