CUNA President/CEO Jim Nussle discussed how credit unions are serving Americans affected by the coronavirus disease (COVID-19) pandemic on MSNBC Live Sunday night with Ali Velshi. Nussle, who served on Congress from 1991 to 2007 and as director of the Office of Management and Budget from 2007 to 2009, discussed a recent Wall Street Journal report that said banks were tightening credit standards as a result of the outbreak.
Nussle cited CUNA’s survey of how credit unions are implementing changes to products and services to increase member access to safe and affordable credit.
“Ninety-three percent of our credit unions have already made a change, adjustment or making modifications to member loans, and a number of those same credit unions are creatively looking to new ways to extend credit during this tough time, when we just had 3.3 million Americans apply for unemployment benefits,” he said. “We think of ourselves as financial first responders during challenges like this.”
CUNA’s survey shows that more than 80% of credit unions are creating new loan products to meet members needs, and 86% of credit unions are waiving fees for members.