As credit unions continue to meet member needs during the coronavirus (COVID-19) pandemic, the experience of the Great Recession could offer insight into dealing with the current crisis.
In an interview for the CUNA News Podcast, Mike Schenk, CUNA chief economist/deputy chief advocacy officer, highlights several lessons credit unions learned from the economic downturn that apply to coronavirus response efforts:
Schenk adds that this approach paid huge dividends for credit unions after the Great Recession, and members would like to see similar behavior during the pandemic.
Help members sort through noise in the media and on social networking sites to determine how to protect themselves. Stay in frequent contact. “Communicating a lot is a good thing in an environment characterized by uncertainty and volatility,” he says.
As with the Great Recession, it’s crucial to connect these changes with their intended results. “When all is said and done, they're being instituted to not only protect employees but to protect members,” Schenk says.
Above all, he says, be flexible. “Adopt different behaviors and adapt to change as more information becomes available.”