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Credit unions' provision for loan and lease losses rose by 337% in 2022. Industry observers cite forecasted economic weakness and current expected credit loss implementation as the primary reasons.
Wally Murray, who has spent 35 years at the $1.8 billion asset credit union and the last 22 as its president and CEO, retired March 14.
Crossing the $500 million-asset mark helps credit unions improve membership numbers and loans, but regulatory data shows that many are choosing to stay small. The reason may be more emotional than practical.
The National Credit Union Administration unanimously approved modifications to its 2020 rule that raise maturity ceilings on offerings and simplifies redundant language.
Community lenders do not share the problems that led to the downfall of Silicon Valley Bank and Signature Bank — but their customers and members don't always know that.