Jackie Stewart is the executive editor of American Banker Magazine. Previously, she covered breaking news, community banks and mergers and acquisitions for American Banker before being named as the managing editor of the Credit Union Journal. After graduating from Northwestern University in 2006, Jackie taught for two years in the Bronx, N.Y., through Teach for America.
Just over 40% of respondents with private student loans said they had worked with their lenders to come up with a plan for reduced payments.
The New York-based credit union is set to absorb Hudson River Financial FCU and Columbia-Greene FCU following charter conversions at those institutions. Sunmark has picked up at least two other small CUs within the last 18 months.
The Tempe Small Business Emergency Loan Program will provide $1 million to help area companies weather the coronavirus.
The industry has always been somewhat reluctant to participate in Small Business Administration lending, but that could change if the agency manages the Paycheck Protection Program well going forward.
The largest credit union in the world increased its provision by 28% from a year earlier.
Renee Christoffer will take over leading the institution when Monte Berg, the current president and CEO, steps down at the end of July.
Southwest HealthCare Credit Union agreed to merge into Canyon State because of increased competition and regulatory demands.
Overall credit card spending is down 32% while debit card purchases have declined by 12% for the week ending April 12.
Smaller institutions should prepare themselves for some of what the competition has experienced, including increased provisions for losses and declining net interest margins.
The industry has grappled with how to effectively help members and businesses survive the fallout from the pandemic.
The majority of small businesses faced a financial challenge last year and that was before the pandemic curtailed consumer demand and forced nonessential companies to close.
The industry is grappling with how to thank member-facing staff while also determining how newly mandated leave laws will impact them.
Some regulators had started shifting to more remote oversight before the pandemic, though the initiatives haven't been a priority for credit unions and their advocates.
A new survey shows more Americans are tapping into their savings as job losses rise and the pandemic's impact on the economy gets worse.
Credit unions in the Great Lakes State saw widespread membership growth in 2019 but it was the third consecutive year in which the pace of growth slowed.
Cobalt Credit Union is currently a state-chartered institution but is looking to once again become a federal one because of Iowa state taxes.
The insurance and research company expects the U.S. to fall into a recession as unemployment spikes and the GDP declines.
The number of deals per year was declining even before the pandemic, and it's unclear when things might pick up again.
For the second time in a week, the National Credit Union Administration has delayed the deadline for public comment on a proposed regulation.
Last month's enforcement actions included the former CEO of Western Heritage Federal Credit Union in Alliance, Neb.