With less than stellar gains in lending, credit unions may have to shift their focus even more to meeting members where they are as unemployment, furloughs and foreclosures impact how and if they are able to continue paying their loans.
Navy Federal Credit Union and Gulf Winds Federal Credit Union have been playing important roles in the BP oil spill restoration.
Doing its part to support the oil spill recovery, the $350 million Gulf Winds Federal Credit Union of Pensacola, Fla. reported its donation campaign to assist the Wildlife Sanctuary of Northwest Florida has now topped $61,000.
Positioning itself for future growth, CUNA Mutual said it has entered into an agreement with institutional investors to issue $85 million in fixed-rate, 20- year surplus notes.
The $1.3 billion Greylock Federal Credit Union, headquartered in Pittsfield, Mass., is focused on damage control and recovery in the wake of a series of revelations and resignations from some of its leaders.
With competition coming back strong into the auto lending market, many indirect lending supporters argue that if a credit union is not at the dealership, it is missing out on loans.
Some of the more than 20 credit unions that suffered losses when a vendor executive fraudulently sold mortgages written to Fannie Mae have made progress in getting at least some of their money and mortgages back.
The Federal Reserve System seems at last to be acknowledging credit unions as important economic players based on new inquiries about district data, according to NAFCU's top economist.
CUNA Senior Economist Steve Rick said in a recent News Now article that credit union delinquencies haven't been this high since President Reagan was in office.