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.
An April survey from Clever Real Estate also found that potential home buyers and sellers have put their plans on hold.
Stay-at-home orders and business shutdowns have led to a sharp decline in consumer use of credit and debit cards.
Rodney Hood, chairman of the National Credit Union Administration, told the Financial Accounting Standards Board that complying with the Current Expected Credit Losses standard could adversely impact the industry's net worth.
Nearly 70% of U.S. adults between the ages of 26 and 40 said their earnings had been negatively affected by the outbreak, about 10 percentage points higher than other age groups.
Consumers are using their debit and credit cards less, and that's causing a decline in interchange income for credit unions and banks.
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.