The coronavirus floating on top of downward economic charts. Source: Shutterstock.

While credit unions overall showed a spectacular leap in earnings in the first quarter, the gains were modest among smaller ones.

NCUA data released June 4 showed the nation’s 5,175 credit unions generated $5 billion in net income in the three months ending March 31, more than double the $2.1 billion earned in 2020’s first quarter, which was marked by heavy loan loss provisions after COVID-19 was declared a pandemic on March 11.

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Jim DuPlessis

A journalist for decades.

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