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10 ways coronavirus upended credit union industry in 2020

ByCredit Union Journal staff
December 31, 2020 5:00 AM

This year credit unions have been forced to quickly adapt to the effects of a global pandemic. That has included everything from getting most employees set up to work remotely to regulatory exams moving to a virtual format faster than expected. Some of these changes could be temporary, but others may be here to stay, even once a vaccine is widely available and the pandemic eases.

Read on for 10 stories from the Credit Union Journal's coronavirus coverage that explore the ways the industry has been altered.

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Why credit unions’ deposit problem is different this time around

This isn’t the first time the industry has faced an influx of funds amid a slowdown in lending, but this instance could prove harder to manage than in the past.

(Full story here.)
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Remote workers facing greater scrutiny on the job

Some professionals have admitted to sleeping or drinking while working from home. Technology could help financial services firms ensure employee productivity doesn't slip.

(Full story here.)
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Coronavirus forces core conversions to go virtual

Switching core banking systems has long been done face to face, but the pandemic has driven the process into the digital arena. The change could be permanent.

(Full story here.)
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Post-coronavirus economy could reshape credit union charter landscape

The value of serving a specific employer or a limited field of membership has diminished over the years. COVID-19 is just the latest crisis that shows how dangerous this concentration can be.

(Full story here.)
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How the coronavirus is changing credit union exams

Some regulators had started shifting to more remote oversight before the pandemic, though the initiatives haven't been a priority for credit unions and their advocates.

(Full story here.)
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Study predicts permanent decline for credit union branch visits

A new report from Access Softek showed at least one in five members are likely to reduce their branch visits once the pandemic ends, though the risk of consumers leaving their credit union entirely may have declined.

(Full story here.)
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Why the pandemic is making cybersecurity even harder for credit unions

Executives and technology analysts offered a host of concerns that are likely to dog credit unions well into the new year.

(Full story here.)
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Coronavirus forces credit unions to rethink commercial underwriting

Small businesses have been hard hit by the pandemic, meaning commercial lenders are considering how they can better manage risk in this portfolio and make other changes to help.

(Full story here.)
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Credit union employees 'clearly not taking enough' time off

The pandemic has forced the institutions on this year's Best Credit Unions to Work For list to be more flexible with their policies for how and when employees take time off.

(Full story here.)
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Credit unions know Zoom isn’t secure. They’re using it anyway.

Many businesses are turning to the popular videoconferencing platform to stay connected to employees, but institutions need to think about measures they can take to utilize it safely.

(Full story here.)
Credit Union Journal staff
Exams Deposits Consumer banking Commercial lending Field of membership
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