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William Hunt is an industry analyst at Callahan & Associates. William helps credit unions leverage market data to improve their business efficiency and foster member relationships. He also writes for CreditUnions.com and other Callahan publications. William graduated from the University of Virginia with bachelor’s degrees in economics and foreign affairs.
COVID-19 continues to make headlines for social and economic reasons. What else should credit unions know at second quarter?
Low interest rates and federal aid combined to create a surge in demand for home financing, as both refinances and purchases performed well in the second quarter.
Although the pandemic hindered consumer spending, some aspects of the credit union loan portfolio reported strong gains in the second quarter.
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The affects of a three-year pullback from indirect lending and the COVID-19 pandemic have resulted in a decade-long low in auto lending growth in the second quarter.
During the social and economic uncertainty of the past several months, members and non-members turned to their financial institutions for help. Second quarter data tells that story.