news.cuna.org/articles/118727-the-credit-union-system-covid-19-restart-and-recovery-task-force-releases-new-insights-in-october-industry-outlook

The Credit Union System COVID-19 Restart and Recovery Task Force releases new insights in October Industry Outlook

Credit unions assess risks, confront digitalization in pandemic recovery

November 17, 2020

Washington (November 17, 2020) — The Credit Union National Association (CUNA) Credit Union System COVID-19 Restart and Recovery Task Force released its first industry outlook to provide guidance and strategies for credit unions navigating the effects of the COVID-19 pandemic. Risk mitigation and the digitalization of financial services are two primary concerns facing credit unions in the current operating environment.

“Our team is committed to collecting and sharing resources that will help credit unions adapt to the current challenges facing financial systems,” said CUNA Chief Engagement Officer Greg Michlig. “In collaboration with our system partners, the Task Force will continue to assess both opportunities and risks to prepare credit unions for what has become the industry’s new normal.”  

The October 2020 Industry Outlook provides insights and resources for credit union business continuity. Topics include: 

  • Risk analysis in the COVID-19 Environment. Credit unions are facing health and safety, legal and liability, reputation, and economic risks. The Industry Outlook features risk mitigation tactics for credit unions to consider.
  • Digitalization of Financial Services. COVID-19 has accelerated the need for digitalization. The Task Force outlines digitalization trends and recommendations to get credit unions adjusted to the new digital-everything business environment. 
  • U.S. Department of Agriculture (USDA) Broadband Initiative. The USDA Broadband Initiative presents a new opportunity for credit unions to help rural Americans access high-speed internet. CUNA, Inclusiv, and other system partners are exploring ways for credit unions to partner with cooperatives in the ReConnect Program.
  • COVID-19 Insights. The Restart and Recovery Task Force discussed other topics such as: the future of the workplace, the need for regulatory clarity and flexibility, and economic growth projections.  

The Credit Union Restart and Recovery Task Force will provide an industry outlook on a monthly basis. Read the full October Industry Outlook here