CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » Assessing impacts, modifying strategies
Operations Subscribers

Assessing impacts, modifying strategies

Pandemic requires anticipating member, staff, and institutional needs.

April 15, 2020
Casey Mysliwy
No Comments
2020-04-ModifyingStrategies-117592

As the coronavirus (COVID-19) pandemic continues, CUNA News continues coverage of business impacts and best practices during the crisis.

  • CUNA’s economists are closely monitoring the economic and credit union impact of COVID-19. CUNA Chief Economist Mike Schenk, CUNA Senior Policy Analyst Samira Salem, and CUNA Senior Economist Jordan van Rijn address key implications for operations and prospects for financial stability and success.
  • CO-OP Financial Services, a CUNA Associate Business Member at the elite level, cites three trends credit unions should address to ensure members have access to the financial tools and products they need and to demonstrate how credit unions outshine big banks. “Modifying their payments strategy to deliver continuity and financial relief will help credit unions maximize the benefit to their members and, in turn, increase loyalty.”
  • Finance professionals weigh in on how the COVID-19 threat is affecting credit union balance sheets during a CUNA Finance Council chat. Topics discussed include employee issues such as pay, scheduling, and furloughs; member relief; and budget projections. Participants say they are projecting significant increases in delinquencies and charge-offs moving forward in 2020.
  • The pandemic has left human resources professionals trying to figure out how to engage a remote workforce. Credit unions are reminding employees about employee assistance programs and sharing how the credit union has assisted members. Some have taken creative approaches, including offering online yoga.
  • Credit union leaders are mindful of employees’ mental health, especially front-line staff. This requires adopting a mindset of “how do we support and inspire staff because they are financial first responders on the front lines of this relief effort,” says Bruce Adams, president/CEO of the Connecticut Credit Union League. “They're part of something bigger than themselves right now, and they're putting their personal health at risk to keep their credit union going, their local communities going, and our national economy going.”

Follow our ongoing coverage for more stories of credit unions and system providers taking action during the pandemic. And to share your credit union’s experience, get in touch with us.

KEYWORDS coronavirus

Post a comment to this article

Report Abusive Comment

Credit Union Magazine: Spring 2023

Spring 2023

Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.
Digital Edition •  Subscribe

Trending

  • CUNA Mascot Madness: See the West winner and vote for the South champ

  • Compliance: FinCEN issues BOI reporting guidance

  • Compliance: CUs must register with ACH Contact Registry

Tweets by CUNA_News

Polls

Mascot Madness Semifinal 2: Which mascot is your favorite?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us