Credit union advocacy is key to helping consumers navigate the next crisis, GoWest Credit Union Association SVP of Advocacy Ryan Fitzgerald wrote in CUInsight.
"Because of their unique structure as not-for-profit financial institutions, credit unions have risen to the occasion, serving members through multiple crises in recent history. From the mortgage collapse of 2008 to the covid-19 pandemic to recent bank failures, and the volatile political budgeting environment, credit unions have stepped up," he wrote. "The message hasn’t changed, credit unions are well-positioned to help members navigate whatever challenges that come along."
He added that credit unions' structure and ability to make decisions locally will continue to ensure members can access resources and support as needed.
"As we saw during the pandemic, credit unions were flexible and nimble, quickly offering a variety of options and services that were invaluable in assisting members," he wrote. "From skipped payments to short-term, low-interest loans, to access to cash, and more, credit unions were responsive and communicated to members quickly, easing stress in a crucial moment."