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The lasting effects of the COVID-19 pandemic — and the national economic response to it — linger on credit union financial statements.
Concerned with cooperative values and not stock prices, credit unions have sacrificed short-term earnings to bolster reserves and give members a break on fees.
Credit unions in the West reported the largest decline in ROA. See what else has happened across the United States.
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Due to economic lockdowns and government relief efforts, in the second quarter financial institutions had to develop creative strategies to generate revenue.
A locked-down economy combined with volatile changes in monetary policy put lenders in a difficult position in the first quarter of 2020, as total revenue growth slowed as sources of income shifted away from interest-driven streams.
General uncertainty regarding the interest rate environment made it difficult for institutions to accurately price deposit and loan products, which is reflected in year-end income statements.
Credit unions report improved earnings following 2018 rate cuts. However, increased expenses put downward pressure on margins.
Five can't-miss data points featured this week on CreditUnions.com.
How do credit unions in the Buckeye State stack up against regional peers?
How do financial cooperatives in the Lone Star State stack up against other credit unions?