As the economic ramifications of COVID-19 swept through the country, the personal savings rate hit an all-time high as consumers moved their savings into deposit accounts.

The Federal Reserve kept interest rates at record lows throughout the second quarter, and the economic uncertainty wrought by COVID-19 supported record inflows at financial institutions.Consequently, credit union investment portfolios reported strong growth

Due to economic lockdowns and government relief efforts, in the second quarter financial institutions had to develop creative strategies to generate revenue.

Unemployment soared to its highest level in more than 70 years, but the credit union industry managed to hold onto their staff members and add to their ranks in second quarter.

Second quarter data highlights further impacts from the COVID-19 crisis on the credit union industry.