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Consumers are worried that the banking crisis could spread to their own accounts. To address these fears, some credit unions are getting more focused on liquidity — and making their top executives available to address any member's concerns.
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.
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.