Lending

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.

The Main Street Lending Program, announced on April 9 as an option to help U.S. businesses weather the coronavirus outbreak, will be available to a wider array of companies than previously planned.

The company’s latest Credit Union Trends Report predicts that membership and lending will stall as job losses rise and consumer demand for loans dries up.

Fintechs in the payments industry saw problems coming when the CARES Act’s SBA Paycheck Protection Program opened the floodgates for millions of coronavirus-stricken small businesses to apply for loans.

The FHFA will allow Fannie Mae and Freddie Mac, for a limited time, to purchase loans for which the borrower has sought to postpone payments because of the economic effects of the coronavirus.

Consumers are increasingly looking to consolidate debt, while loans for more luxury expenditures, such as vacations, are a thing of the past.

Banks, which previously shunned unsecured small-dollar lending, are now embracing the product because of the outbreak. It's just a matter of whether the shift is permanent.

The $2 trillion coronavirus rescue package and other government moves are designed to provide a lifeline for small businesses, but they also create complications as businesses must quickly accumulate payment records and other information to apply for the loans.

Credit unions that take advantage of hedging could see better execution and increased profitability in their mortgage operations.

The insurance and research company expects the U.S. to fall into a recession as unemployment spikes and the GDP declines.