ARLINGTON, Va.—Could loan losses from the pandemic-driven economic crisis exceed those of the Great Recession? One analyst said credit unions should at least consider that possibility as they set aside reserves now for the significant increase in defaults expected later this year and in 2021.
WASHINGTON—Forget the national unemployment data and don’t look back to the Great Recession for guidance on loan losses. Instead, what credit unions really need to pay attention to adequately reserve for charge-offs heading their way are local conditions driven by the pandemic, according to one expert.
MADISON, Wis.—Credit unions are bracing for a doubling and possibly a tripling of loan losses next year, and they're not waiting for delinquencies to climb to set the money aside.
LOMBARD, Ill.—Credit unions are being very conservative in addressing one of the biggest questions facing them for the second half of the year: how much to provision for loan losses, according to one analyst, who holds an optimistic view the economy will rebound soon enough so CUs will eventually be able to release back some of those funds.
LAKE FOREST, Ill.—What will ultimately happen with the economy as a result of the pandemic may be difficult to predict, but signs foreshadow what may lie ahead—including potential capital issues for credit unions, according to one economist, who is sharing with CUs one deposit strategy to consider.
MADISON, Wis.–The leaders of five national credit union organizations shared their thoughts on what the pandemic will ultimately mean to CUs and regulators, their experiences with and responses to racism, what they are telling employees, and what’s ahead during a virtual round-robin discussion.
MADISON, Wis.—It’s become one of the big debates of 2020: Are credit unions employees more productive when they work at home? One analyst says maybe not when it comes to at least one aspect of CU operations.
PORTO ALEGRE, Brazil —To spread the word about credit unions, and to bolster young leaders within the CU movement in Brazil, Gisele Gomes had been bringing young credit union members to the annual World Council Young Credit Union Professionals (WYCUP) meetings.
SCOTTSDALE, Ariz.—It's never been more important for credit unions to partner with fintechs, according to one analyst, who said the data make clear such partnerships help attract and retain more young members––but there is some concern CUs are not going after fintech relationships in the right way and are also operating under a false assumption.
ARVADA, Colo.—Expanding its marijuana business services to include lending will bring Partner Colorado CU at least $10 million in additional loan dollars this year, a conservative total the credit union projects could easily triple based on demand.
