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The lasting effects of the COVID-19 pandemic — and the national economic response to it — linger on credit union financial statements.
Mortgage originations set a quarterly record while consumer lending rebounded in the fourth quarter of 2020. Further economic reopening brings optimism, but the industry must monitor pandemic-related declines in asset quality.
The financial constraints credit unions faced in 2020 provide insights for how to move forward in the coming year.
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Credit unions proved in 2020 that they are at their best when times are tough.
Loan performance in 2020 might shed light on the future of credit union lending.
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.
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.
Second quarter data highlights further impacts from the COVID-19 crisis on the credit union industry.
Many Americans have been beefing up their savings during the COVID-19 lockdowns. Credit unions are putting those additional funds toward less fortunate members.