Employee benefits

With more employees than ever working from home due to the coronavirus, credit unions' networks may be less secure than usual. But purchasing cyber insurance to help cover the costs if a breach occurs isn't as clear cut as it may seem.

Some institutions may want to consider self-insurance to lower expenses as the coronavirus cuts into earnings.

Demand has soared for mental health services as bank employees put in long hours, supervise kids while working at home and endure personal crises. Citi, BofA, Fifth Third and others are getting creative to help them decompress during the pandemic.

A new study from MagnifyMoney shows nearly half of all consumers have stopped putting money aside for retirement during the pandemic, including 53% of baby boomers.

The Miramar, Fla.-based institution is spending $85,000 to help businesses as the economy begins reopening.

Employees of the $2.9 billion-asset credit union will receive one-time payments of $1,000, though executives and senior leaders are excluded.

Like other businesses, hospitals have been forced to make instant emergency changes because of the coronavirus. But many hospitals are concurrently getting a rush of demand for service with an unclear revenue stream.

The industry is grappling with how to thank member-facing staff while also determining how newly mandated leave laws will impact them.

The Oregon-based institution is the latest to offer bonus pay for branch staff facing additional risks by coming to work.

The St. Paul, Minn.-based institution will provide a 20% bonus to member-facing staff who are at additional risk during the outbreak since they are "essential employees."