Credit union system partners continue to take measures to support America’s credit unions in the face of the unprecedented challenges presented by the COVID-19 threat.
CO-OP Financial Services offers updates on its COVID-19 resource page, including client communications, cardholder payment assistance resources and frequently asked questions.
In accordance with guidance from the Centers for Disease Control and Prevention, CO-OP has migrated many employees to work remotely, with the goal of ensuring business continuity. It does not anticipate any change in service levels to credit unions.
On March 25, CO-OP announced a series of programs to help full-service credit clients address the financial stress members may be experiencing as a result of the COVID-19 outbreak. Cardholder payment relief solutions enable full-service clients to adopt one or more plans to ease payment schedules for cardholders.
“As a partner to our clients, CO-OP is taking swift and meaningful action to help them support their members in this unprecedented time,” says Todd Clark, CO-OP Financial Services president/CEO. “As payments is one of the primary ways members are engaging with their finances right now, this is one way we could provide relief. We are here to lift the cooperative spirit of the credit union movement by supporting our clients and their members.”
PSCU
PSCU is facilitating temporary relief and means to increase payment card options for owner credit unions, including line of credit increases, skip payment options, and cash authorization access.
PSCU contact centers continue to serve credit unions’ members 24/7, and the account management and service teams, who manage day-to-day relationships with credit unions, are equipped to work remotely, minimizing the impact on daily operations.
Along with routine communications and operational efforts, PSCU offers resources and guidance for credit unions on its website. Included on its COVID-19 microsite are best practices and frequently asked questions about serving members.
“Being a Florida-based CUSO, we’ve had many opportunities to test our business continuity plans,” says Merry Pateuk, PSCU’s senior vice president, industry engagement. “We're here to help credit unions help their members in every way we can.”
Origence
Origence, a CU Direct brand, continues to serve member credit unions during the coronavirus threat. It has implemented its business continuity plan, and staff are working remotely while staying safe and connected.
“Even as we deal with this pandemic, our teams remain laser-focused on supporting you,” says Tony Boutelle, president/CEO of CU Direct. “We are here to assist you in maintaining high service levels as well as business continuity.”
Origence is reaching out to credit union partners to let them know they’re fully operational and available with solutions, support, and advice needed to maintain high member service levels.
“Our credit union partners are facing several dynamics, such as maintaining business continuity, delivering member service remotely and digitally, assisting members who have been financially impacted, and managing risk in underwriting and lending,” notes Origence Chief Marketing Officer Brian Hendricks. “CU Direct remains focused and committed to assisting our credit union and auto dealer partners through each of these dynamics.”
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
