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.
The coronavirus has highlighted the issue of millions of Americans lacking access to high-speed internet at their homes. Financial services firms weren't spared from this challenge.
Small businesses have been hard hit by the pandemic, meaning commercial lenders are considering how they can better manage risk in this portfolio and make other changes to help.
Nick Darvill, who is currently president of the credit union service organization, will take over as CEO when Jim Gallagher retires from that position.
The outbreak has completely upended whatever expectations the industry had heading into 2020. Here's key areas that have been shaped by the pandemic, some potentially forever.
Consumers are parking their funds at financial institutions as lending slows and interest rates remain near zero, making it difficult for credit unions to deploy these deposits.
The North Chesterfield, Va.-based institution joins a list of banks that are also closing to commemorate the end of slavery.
First-quarter income for credit unions chartered in the Badger State increased by about 6% from the same period one year earlier.
The industry was well positioned in terms of net worth before the pandemic and recession, but some institutions could run into issues with sluggish earnings and a surge in deposits.
The credit union will pay an undisclosed amount for Community State Bank of Southwestern Indiana.
The Odon, Ind.-based credit union would gain six branches by acquiring Community State Bank of Southwestern Indiana.