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.
The Winter 2023 issue of Credit Union Magazine explores award-winning marketing, board training on a budget, developments in instant payments, service to small businesses, and NCUA’s final rule on member expulsion.