Credit Unions Made $5.6 Billion in Loans During Latest PPP Round

Credit Unions Made $5.6 Billion in Loans During Latest PPP Round

As the PPP ends, the SBA reported that this year 859 credit unions made almost $5.6 billion in loans to businesses to help them weather the coronavirus pandemic, reports David Baumann of the Washington Credit Union Daily.

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PPP Runs Out of Money for Most Credit Unions

PPP Runs Out of Money for Most Credit Unions

The Small Business Administration’s Paycheck Protection Program has run out of money for loans that most credit unions and banks would make, but PPP loans are still available through Community Development Financial Institutions, an SBA spokesperson said. As reported by David Baumann of the Washington Credit Union Daily.

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Trade Groups Say IRS Coronavirus Payment Process is Confounding Credit Unions, Members

Trade Groups Say IRS Coronavirus Payment Process is Confounding Credit Unions, Members

The Internal Revenue Service’s “Get My Payment” portal to provide information to consumers about their federal coronavirus Economic Impact Payments is providing inaccurate information to many financial institutions and their customers, creating confusion for everyone involved, groups including CUNA, NAFCU, the ABA and the ICBA wrote in a letter to IRS Commissioner Charles Rettig, reports David Baumann of the Washington CU Daily.

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Decking the Halls: Celebrating While Staying Safe

Decking the Halls: Celebrating While Staying Safe

Stephanie Underwood offers advice on how to keep the holiday spirit alive and well in your workplace this year while also staying safe.

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CUNA’s Nussle: PPP Loans Causing Net Worth Problems at Credit Unions

CUNA’s Nussle: PPP Loans Causing Net Worth Problems at Credit Unions

David Baumann of the Washington CU Daily reports that PPP loans are remaining on credit union balance sheets for longer than expected, causing regulatory headaches for credit union officials, according to CUNA President/CEO Jim Nussle.

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Sen. Brown Questions Whether Financial Regulators Are Prepared for Pandemic Impact

Sen. Brown Questions Whether Financial Regulators Are Prepared for Pandemic Impact

As the financial health of consumers deteriorates due to the pandemic, Senate Banking Committee ranking Democrat Sherrod Brown of Ohio said he is concerned that financial services regulators, including the NCUA, are not prepared for a possible financial crisis, reports David Baumann of the Washington Credit Union Daily.

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A Benefit for Credit Unions with a Conscience in Community Development

A Benefit for Credit Unions with a Conscience in Community Development

CreditUnions.com: Carla Decker, the CEO of DC Credit Union, discusses her credit union’s commitment to community and how the COVID-19 crisis has affected her certified CDFI shop.

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COVID-19: How to Protect Your Members’ Mobile and Online Banking

COVID-19: How to Protect Your Members’ Mobile and Online Banking

In her second article on mobile banking during the pandemic, Barb Cooper discusses the rise in mobile banking scams, what your credit union can do to protect members, and what your members can do to protect themselves.

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Credit Union Trade Groups Renew Push for Member Business Loan Cap Increase

Credit Union Trade Groups Renew Push for Member Business Loan Cap Increase

David Baumann of the Washington CU Daily reports on credit union trade groups who are renewing their call for Congress to lift the credit union Member Business Lending cap, saying the limit is an arbitrary restriction that keeps financial institutions from providing crucial assistance during the coronavirus economic crisis.

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Why Studying Your Calls is More Important Now Than Ever

Why Studying Your Calls is More Important Now Than Ever

Those in the credit union industry used to wonder if phone banking was on its way out, but now thanks to COVID-19, it’s more essential than ever. Sarah Ashby analyzes this change and ponders how this will impact the future of phone banking.

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