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Credit Unions in a Regulatory Bind

I just had to laugh when I saw this article in AMERICAN BANKER and knew that I needed to share it:

CREDIT UNIONS: Deposit surge puts credit unions in a regulatory bind. (Why? Because people aren’t taking out as many loans and banks are having to put those deposits into lower-yielding investments. POOR Babies)

By Ken McCarthyOctober 15, 2021, 4:18 p.m. Consumers have been socking away much more in savings since the start of the COVID-19 pandemic, and that is putting pressure on credit unions’ ability to maintain capital at required levels. Total U.S. shares — deposits that also convey partial ownership in the credit union — rose 14.8% year over year to $1.71 trillion in the second quarter of 2021, according to data from the National Credit Union Administration. Those shares ideally are used to fund loans. Since loan demand is lagging, credit unions often have to put excess deposits into lower-yielding investments including federal funds, said Tim Scholten, president of the credit union and community bank consultancy Visible Progress.

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