CUs sticking with members through pandemic, Nussle tells WaPo
The economic impact of the coronavirus disease (COVID-19) outbreak will be felt for a long time, but credit unions are already working hard to help members meet financial needs, and will continue to do so, CUNA President/CEO Jim Nussle told the Washington Post this week for an article on how consumers can manage if their income is disrupted.
“We’re talking about huge levels of unemployment at this point in time, and that could last for a longer period of time than what people experienced during the financial crisis,” Nussle said. “If that’s the case, credit unions are going to stick with members and work through this with them.”
Nussle provided additional details on what credit unions are doing for members across the country, particularly as some banks are making it harder to obtain certain loans, during an appearance Sunday night on MSNBC.
CUNA also continues to urge credit unions to fill out its survey on how they are helping members during the pandemic. As of last week, the survey indicated:
- 93% of credit unions surveyed are offering loan modifications;
- 86% are waiving fees; and
- 80% have created new loan products to meet members’ pressing needs.