5 Findings from the data of the NCUA for the 2nd quarter of 2020 | Credit Union Journal
New data from the National Credit Union Administration offers a clearer picture of how the industry is being affected by the coronavirus pandemic.
The agency’s quarterly credit unions summary for the second quarter, released last week, offers more complete insights into the performance of credit unions since the COVID-19 outbreak overtook the nation. Since this report was released early in the last month of the third quarter, the data largely confirms what many in the industry already knew: lending is declining, deposits and loss reserves are rising, and margins are being squeezed in a way they are used to haven’t been since the Great Recession.
This data is noteworthy, however, as it provides a broader picture of the toll the pandemic and economic downturn have taken on credit unions of all sizes, especially at the lower end of the wealth spectrum. Since the outbreak began in mid-March, many of the industry’s first quarter results have been shielded by two relatively normal months. The second quarter data covers a period when much of the country was in lockdown, many nonessential businesses were closed, and consumer spending was down significantly.
Read on for highlights from the report. A look at the data for the first quarter You will find here.