Thursday, May 28, 2020
Wednesday, May 27, 2020
- 95% of credit unions surveyed are offering modifications to existing loans, including loan extensions (skip-a-payment), line of credit increases, interest-only loan repayment, reduced or no-interest loans
- 80% of credit unions are offering new loan products, including deferred payment, reduced or no-interest, reduced or no-interest payroll advance
- 85% of credit unions are waiving and reducing fees to ease the burden on members, including waiving early withdrawal penalty on CDs, waiving skip-a-payment fees, waiving overdraft fees, waiving loan application fees and other waivers
- 64% of credit unions are offering financial counseling, debt consolidation or other services, including financial counseling (39%), debt consolidation (36%) and credit protection (23%)
- Credit unions originated billions of dollars in SBA PPP loans with an average loan size of $65,000
- Most credit unions are providing some support to their employees, including childcare programs, employee assistance programs and paid leave for employees who have or have a family member with COVID-19
Tuesday, May 26, 2020
ARLINGTON, Va.—Existing-home sales tumbled 17.8% in April to a seasonally adjusted annual rate of 4.33 million units, reaching its lowest level since July 2010.
NAFCU Chief Economist and Vice President of Research Curt Long pointed out the drop is "an abrupt change from February's 13-year high."
"The COVID-19 crisis is attacking the market on all fronts, from preventing homes being shown to buyers to widespread job losses and financial institutions tightening mortgage requirements," said Long. "Spring is usually the busiest time for home sales, but there are indications that there is pent-up demand in states that are beginning to open again.
"NAFCU expects a partial recovery during the summer as pent-up demand is released, but supply shortages will continue to restrain sales," Long added.
Sales decreased in all four regions of the U.S. during the month: in the West (-25%), South (-17.9%), and Northeast (-16.9%) and Midwest (-12%).
Based on current sales levels, there were 4.1 months of supply at the end of April, up from 0.7 months in March. Analysts consider 6 months of supply to be roughly balanced between supply and demand.
The median existing-home price increased from $280,600 the previous month to $286,800 in April (not seasonally adjusted). The amount represents a 7.5% increase from the median price a year ago.
Sunday, May 24, 2020
Denver Fire Department Federal Credit Union (DFDFCU) Recognized as the #1 Healthiest Credit Union in the U.S.!
Denver, CO — DepositAccounts.com (a subsidiary of Lending Tree) has awarded Denver Fire Department Federal Credit Union (DFDFCU) with an A+ rating for the effective management of the following factors: Capitalization, Deposit Growth, and Loan-to-Reserve Ratios. This is the highest health grade given to financial institutions by DepositAccounts.com. Being ranked as #1 Healthiest Credit Union across the nation (2018 & 2020), is the result of the Volunteer Leadership Team working in partnership with DFDFCU Management and Team Members to ensure we continue to operate safely and soundly in the best interest of our membership.
This is not the first time that DFDFCU has been recognized. In 2018, DFDFCU was named #1 Healthiest Credit Union in the U.S. by DepositAccounts.com.
During these times of economic uncertainty, DFDFCU stands ready to serve our members and ensure we continue to provide the products and services that will aid in our member's financial success.
DepositAccounts.com evaluates the financial health of over 10,000 banks and credit unions in the United States once per quarter.
For a complete listing of the 2020 Top 200 Healthiest Credit Unions in the U.S., visit https://www.depositaccounts.com/banks/health.aspx.
About Denver Fire Department Federal Credit Union (DFDFCU)
DFDFCU is the ONLY financial institution in the State of Colorado that exclusively serves Colorado Firefighters and their immediate family members.