ALEXANDRIA, Va.–What will the eventual fallout be for credit unions from the coronavirus pandemic and the near shutdown of the U.S. economy? No one knows, said NCUA’s chairman, which is why the agency is seeking to be as flexible as it can in providing guidance and enforcing its rules.
LAKE FOREST, Ill.–Can overdrafts lead the way to economic recovery—and possibly approach $100 billion in annual revenue across all FIs?
ST. PETERSBURG, Fla.—Will one of the lasting changes from the coronavirus pandemic finally be the end of cash and checks?
TAMPA—Creating a “sense of normalcy” when things are far from normal is one of the most important—and difficult—things for a credit union to do within the organization right now, according to one CEO.
ALBUQUERQUE, N.M.–The record surge of more than three-million unemployment claims this week will likely only put more pressure on credit unions to respond with the types of special offers and assistance CUToday.info has compiled here. Those offers include everything from one-cent overdrafts to waived fees to special branch hours for older members and a wide variety of other “emergency” loans.
BOSTON—The easy credit and strong economic times that followed the Great Recession left small businesses ill prepared to manage through the coronavirus pandemic, warns one analyst, who is cautioning credit unions to be on the lookout for emerging problems in credit cards as well as CUs’ own lack of experience in doing workout loans.
LAWRENCEVILLE, Ga.—2020 could turn into a “lost year” for credit union auto lending as a result of the coronavirus pandemic, a development that, if true, could leave many CUs’ lending portfolios painfully stalled.
MUSKEGO, Wis.–Credit unions already feeling pressure on net interest margins are going to be feeling a margin crunch as the coronavirus pandemic causes rates to crater and lending to stall, leaving credit unions searching for places to invest deposits. One expert says while the outlook for investments likely remains muted, there are opportunities.
WASHINGTON–Credit unions not only have a multitude of never-before-asked questions for CUNA, those questions are changing on an almost daily basis as the coronavirus pandemic grows, with CUs seeking direction on exam cycle flexibility, how to protect board members who are older, whether meetings need to be held, and more.
LIBERTY LAKE, Wash.—As much as $30 million may have been distributed on Monday alone by financial institutions across this state as consumers withdrew large sums of cash in large part due to fears around the coronavirus pandemic.
