Thank you for sharing!

Your article was successfully shared with the contacts you provided.
chart showing emergency loan hardships were not as bad as expected during the coronavirus crisis.

After COVID-19 was declared a pandemic in March 2020, banks and credit unions began offering borrowers hardship accommodations so the trauma of layoffs or furloughs wouldn’t be compounded by defaults.

The NCUA and the FDIC encouraged such programs, and the CARES Act in March 2020 expanded eligibility criteria. Borrowers took up the offers in numbers that peaked in May 2020, with many then beginning to slowly exit the programs.

Accommodations caused delinquency and charge-off rates to plummet.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Jim DuPlessis

A journalist for decades.

More from this author

Dig Deeper


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.