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.

John Lund joined the Utah-based credit union as a courier in 1975 and was named CEO in 2012. His successor has spent more than three decades there.

Stimulus payments and deferrals have helped borrowers stay current, but lenders must brace for a capital hit when those benefits eventually run out.

The Mechanicsburg, Pa.-based institution's newest chief executive most recently served as an executive at another Harrisburg-area credit union.

The National Credit Union Administration may get a new leader, several institutions could seek to expand their fields of membership, and a pot banking fight may reemerge.

In December, the National Credit Union Administration barred the individuals from working in the financial services sector for taking money from their institutions for personal use.

Last year, the Pennsylvania Credit Union Association and the New Jersey Credit Union League merged to form the CrossState Credit Union Association, and now the foundations of the two groups are combining.

Jay Neathery has taken over for Chris McCreary, who stepped down as president of the institution but is staying on as executive vice president.

Provisions implemented under the CARES Act that made it easier for institutions to utilize NCUA's Central Liquidity Facility have been extended for a year with the signing of Consolidated Appropriations Act.

Neil Gordon, a former executive at nearby Millbury Federal Credit Union, will take the helm next month.

In 25 years at the helm, Brian Hall helped the Southern California credit union grow from $48 million of assets to nearly $600 million.