Newsroom
ICYMI: NAFCU details critical, growing role of CUs in annual report
Following its annual meeting with the Federal Reserve, NAFCU released its 2020 NAFCU Report on Credit Unions – now available online – detailing the critical and growing role credit unions play in their local communities. Members of the association's Board of Directors Tuesday shared insights from the report during a virtual meeting with Federal Reserve Board Governor Michelle Bowman.
“The coronavirus pandemic posed many challenges for our nation,” said NAFCU President and CEO Dan Berger. “The 2020 NAFCU Report on Credit Unions shows how credit unions proactively and successfully adjusted their daily operations to help Americans nationwide, including many low- and moderate-income communities.
“As credit unions continue to help our economy recover and families make ends meet amid the pandemic, regulatory and compliance burdens still weigh heavily on their ability to serve members," Berger added. "The report details the importance for policymakers to ease regulatory burdens on credit unions as they continue to put the financial well-being of their members well ahead of their own profits.”
Through the report, NAFCU details four key credit union areas, including trends, service offerings, policy priorities, and the industry's strong response to the coronavirus pandemic.
Some highlights include:
- credit unions are 10 times more likely than banks to have a female CEO and among minority depository institutions (MDIs) there are over three times as many credit unions as banks;
- mortgage data indicate that credit union loans carry lower costs and lower rates than those of other lenders;
- the growth of credit union branches, particularly in rural areas, provides an important counterbalance to the current erosion of bank branch networks;
- credit unions provide over $16 billion annually in benefits to the economy;
- further refinements, such as lengthening the exam cycle, would make the NCUA's examination process less burdensome for credit unions;
- credit unions continue to labor under immense regulatory burden in the post Dodd-Frank era, with the number of employees devoted to regulatory compliance more than doubling since 2010;
- credit unions have been successfully adjusting their operations during the coronavirus pandemic: Working diligently to meet their members' needs, adding staff to call centers, extending loan forbearance, and more.
The report also highlights NAFCU's policy priorities in relation to its findings and includes priorities for a healthy regulatory environment in which credit unions can grow and thrive.
The information compiled in the 2020 NAFCU Report on Credit Unions is based on the association's Federal Reserve Meeting Survey, an annual assessment of NAFCU members covering topics discussed in the report. The report also draws on data collected for NAFCU's Economic & CU Monitor and CU Industry Trends Report.
Share This
Related Resources
Add to Calendar 2024-04-24 14:00:00 2024-04-24 14:00:00 Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage About The Webinar Join us to learn more about network lending, a cooperative model allowing credit unions to optimize liquidity and achieve loan growth. Discover how credit unions can participate in loan pools with other institutions, allowing them to diversify portfolios, access loans with potentially lower risk and higher yields, and expand lending capacity without necessarily needing a surge in deposits. Delve into how credit unions can pool their resources, set common underwriting and pricing standards, and collectively originate, buy, and sell loans to optimize liquidity management. Hear from your peers about best practices, case studies, and practical strategies to harness the full potential of network lending and how it's helped their credit unions. Don't miss this valuable opportunity to learn how to strengthen your credit union's position in today’s competitive environment. Key Takeaways: How network lending differs from traditional lending The benefits of participating in loan pools with other credit unions How credit unions can set common underwriting and pricing standards and collectively originate, buy and sell loans to optimize liquidity management Why network lending is critical to loan growth Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage
preferred partner
LendKey
Webinar
Add to Calendar 2024-04-23 14:00:00 2024-04-23 14:00:00 Monitoring the Latest Litigation Risks Credit unions’ operations pose litigation risks, with more of these cases being filed as class action lawsuits. In this Monitoring the Latest Litigation Risks for Credit Unions webinar, you’ll review some of the specific kinds of lawsuits impacting credit unions and what potential claims could be on the horizon. You’ll also examine some options for mitigating risks. Key Takeaways Review the current lawsuit trends. Understand the potential claims risks Explore options for mitigating risks. Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 23, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar NCCOs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Monitoring the Latest Litigation Risks
Credits: NCCO, NCRM
Webinar
Add to Calendar 2024-04-23 09:00:00 2024-04-23 09:00:00 Operational Agility: Key Factors for Success in 2024 and Beyond Listen On: Key Takeaways: [02:34] A lot of people think of fraud losses and they are very mindful of what that means for their organization and their bottom line but we are thinking about it from a cost perspective beyond that. [06:38] When you should engage has a lot to do with how long it would take to potentially replace your current service provider. [10:45] Sidecar is not your primary core solution but it is something that allows you to go to market maybe under a different brand or different set of technology. [15:21] Focus on the tech stack maybe a little bit more than you used to. Enable that tech stack to allow you to be agile going forward and you will be able to focus a lot more on the member than running an IT shop Download SRM's Focus on Operational Agility to Achieve Success in 2024 Report Web NAFCU digital@nafcu.org America/New_York public
Operational Agility: Key Factors for Success in 2024 and Beyond
preferred partner
Strategic Resource Management
Podcast
Resiliency In Your Incident Response Plan
Cybersecurity
preferred partner
DefenseStorm
Blog Post
Get daily updates.
Subscribe to NAFCU today.