As the economic ramifications of COVID-19 swept through the country, the personal savings rate hit an all-time high as consumers moved their savings into deposit accounts.
During the social and economic uncertainty of the past several months, members and non-members turned to their financial institutions for help. Second quarter data tells that story.
Low interest rates and federal aid combined to create a surge in demand for home financing, as both refinances and purchases performed well in the second quarter.
Although the pandemic hindered consumer spending, some aspects of the credit union loan portfolio reported strong gains in the second quarter.
Chad Miller, CEO, Southwest Louisiana Credit Union, discusses his credit union’s work to serve the low-income, high-risk populations left behind by mainstream financial services.
Due to economic lockdowns and government relief efforts, in the second quarter financial institutions had to develop creative strategies to generate revenue.
The affects of a three-year pullback from indirect lending and the COVID-19 pandemic have resulted in a decade-long low in auto lending growth in the second quarter.
The Federal Reserve kept interest rates at record lows throughout the second quarter, and the economic uncertainty wrought by COVID-19 supported record inflows at financial institutions.Consequently, credit union investment portfolios reported strong growth
Gregg Brown, CEO, South Side Community Federal Credit Union, discusses his credit union’s mission to equalize economic power and to fight poverty on Chicago’s South Side.
Second quarter data highlights further impacts from the COVID-19 crisis on the credit union industry.
The Rhode Island-based credit union is using internal and third-party data to better understand branch traffic patterns and consumer banking behaviors — and the results are paying off far faster than expected.
A notable shift is occurring in the industry as credit unions make a choice to refocus on areas in which they can make the greatest impact.
Gruber’s transition to CEO of UVA Community Credit Union brought leadership challenges, cultural shifts, and strategic transformations that all highlight the importance of decisive leadership.
Putting people first has transformed the Illinois-based cooperative into a local powerhouse that stands apart from the competition — and this is only the beginning.
The first book from Callahan CEO Jon Jeffreys outlines how credit unions can grow and differentiate themselves by putting purpose at the center of their business strategy.
Better rates, lower fees, and steadfast community presence are returning real financial results for the credit union movement.
The cooperative industry has shown much resiliency in today’s shifting economic landscape. That sets a strong precedent for weathering whatever might come.
Credit union revenue surged amid rising interest rates but is now facing headwinds as loan growth slows, expenses climb, and asset quality weakens — making strategic financial management crucial for sustaining future earnings.
Best practices to encourage employee adoption and overcome change management challenges when implementing new technology across the institution.
Delinquency and charge-offs are up for credit unions. Does that spell trouble, or is it an opportunity to help members in need?