LAKE FOREST, Ill.–As the coronavirus significantly changes Americans’ everyday lives and with it credit unions’ balance sheets and shrinking net interest margins, CUs can preserve the bottom by driving greater volume and taking other steps—including one often-overlooked ratio, according to one expert.
LATHRUP VILLAGE, Mich.–Credit unions across the U.S. are stepping in to help members being affected by the coronavirus outbreak with special loan offers, lowered fees, financial counseling and more. At the same time, numerous CUs have also announced branch closures or limited hours as they attempt to balance the needs of employees with members.
LAWRENCEVILLE, Ga.—While consumers are buying up toilet paper and hand sanitizer in response to the COVID-19 pandemic, auto dealers are loading up on used car inventory.
ARLINGTON, Va.—Forecasting the effect of the coronavirus COVID-19 on the economy and credit unions, a pair of economists is urging CUs to recognize net interest margins will be under new pressures, and “knee-jerk reactions” need to be avoided. Indeed, the best strategy, said one person, will be for CUs to get back to their roots.”
WASHINGTON–The effects from coronavirus (COVID-19) are increasingly being felt by credit unions, which are responding with everything from virtual annual meetings, laptops for “essential” staff, boards meeting via telephone, new attention to the bond market and concerns over potential deflation, and more aggressive cleaning procedures.
BIRMINGHAM, Ala.—While reports this year have indicated digital wallets are finally gaining some real traction with consumers, a new study suggests those gains may be short lived if certain obstacles can’t be overcome.
BOULDER CITY, Nev.—It was International Women’s Day Sunday, a global day celebrating the social, economic, cultural and political achievements of women.
LOMBARD, Ill.—In the midst of a forecast for the remainder of 2020 that calls for more pressure on credit union margins for several reasons, one expert is pointing to another piece of data he calls “fascinating.”
ALEXANDRIA, Va.–NCUA’s former general counsel and former deputy general counsel consumed alcohol, made multiple trips to strip clubs and consumed edible marijuana during work hours and during work-related travel—to the point they were “out of it” during a train trip, according to an investigation conducted by NCUA’s Office of Inspector General (OIG) and released to CUToday.info as part of a Freedom of Information Act request.
WASHINGTON—Credit unions, like all businesses, need to be evaluating and preparing to execute their pandemic plans, according to one expert, who said the Federal Reserve’s rate cut this week is an indicator those steps should be taken now.
