Lending in 2021
CUNA economists predict 6% loan growth next year, but warn about declining asset quality.
Mike Schenk (CUNA photo)
One fact is clear in the face of uncertainty presented by the coronavirus (COVID-19) pandemic: Credit unions have shined in their efforts to support members, says Mike Schenk, CUNA’s chief economist and deputy chief advocacy officer.
Schenk, who addressed the CUNA Lending Council Virtual Conference, cites these statistics about credit unions’ response to the pandemic:
- 95% provided loan modifications.
- 90% waived fees for members.
- 80% introduced new loan products to meet members’ needs.
Plus, credit unions facilitated more than 170,000 Small Business Administration Paycheck Protection Program loans, averaging $49,000 each.
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