Ken McCarthy

After a slowdown in 2020, inventory shortages and other factors could make the months ahead a grind for many lenders.

Chris Hendry has been appointed president and CEO of the Fitchburg, Mass.-based institution, having served the credit union in a volunteer capacity since 2014.

Cybersecurity remains a priority along with CARES Act compliance, flexibility for borrowers impacted by the pandemic and more.

The National Credit Union Administration and the Consumer Financial Protection Bureau will hold strategy sessions and share information tied to consumer protections at institutions with more than $10 billion of assets.

The project will deploy $20 million as secondary capital to expand economic relief and financial inclusion, and follows a $1 million project last summer aimed at helping low-income consumers in Rust Belt cities.

The nation's third-largest credit union saw a huge lending spike in 2020, especially in its mortgage division, while membership grew by 159%, thanks in part to merger activity.

Australia Hoover, who started as a call center employee in 1996, succeeds Betsy Mercier, who is retiring after 22 years at the helm.

Industry groups say the coronavirus has highlighted additional risks faced by institutions without a diverse member base.

Consumers will continue to utilize new payments methods in the coming year, but are also likely to shift between credit and debit, the company said.

The Papillion, Neb.-based credit union has appointed Chief Operations Officer Robin Larsen to succeed Gail DeBoer.