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New knowledge from the Nationwide Credit score Union Administration presents a clearer image of how the trade has been impacted by the coronavirus pandemic.
The company’s Quarterly Credit score Union Knowledge Abstract for the second quarter, launched final week, presents wider insights into how credit score unions have carried out for the reason that COVID-19 outbreak overtook the nation. As a result of this report got here out initially of the ultimate month of the third quarter, the info largely confirms what many within the trade already knew: lending is down, deposits and loss reserves are up, and margins are being squeezed in a means they have not been for the reason that Nice Recession.
However this knowledge is notable as a result of it supplies a fuller image of the toll the pandemic and financial downturn have taken on credit score unions of all sizes, however notably on the decrease finish of the asset spectrum. As a result of the outbreak started in mid-March, a lot of the trade’s first-quarter outcomes have been shielded by two comparatively regular months. The second-quarter knowledge covers a interval when a lot of the nation was in lockdown, many nonessential companies have been shuttered and client spending had dropped considerably.
Learn on for highlights from the report. A take a look at first-quarter knowledge might be discovered right here.
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