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.

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.

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

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.

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.

Chad Miller, CEO, Southwest Louisiana Credit Union, discusses his credit union's work to serve the low-income, high-risk populations left behind by mainstream financial services.