Credit Union System COVID-19 Restart and Recovery Task Force releases January Industry Outlook
FOR IMMEDIATE RELEASE
February 8, 2021
The Credit Union National Association (CUNA) Credit Union System COVID-19 Restart and Recovery Task Force released its second industry outlook that provides guidance and strategies for credit unions recovering from the impact of the pandemic. Advancing financial well-being for all and shifting employee-employer relationships are two primary considerations for the current credit union operating environment.
“Credit unions are regaining a sense of normalcy as our country looks to restore health, economies and societies,” said CUNA Chief Engagement Officer Greg Michlig. “We are looking ahead to create a more sustainable response to the pandemic and to serve our members in new and innovative ways.”
The January 2021 Industry Outlook provides business continuity tips and details on how credit unions can recommit to their foundational mission amid the pandemic. Topics include:
- Promoting Financial Well-Being. The pandemic has brought the health-wealth relationship into the spotlight. The Industry Outlook details ways that credit unions can position themselves to advance financial well-being.
- Shifting the Employee-Employer Relationship. COVID-19 has changed the way that companies are engaging with their employees. The Task Force discusses opportunities and challenges for credit unions looking to modify their human resources strategies.
- Racial Equity and Resilience Investment Fund. Inclusiv recently launched a $20 million secondary capital investment fund to expand economic relief and financial inclusion for credit unions serving communities of color. CUNA, Inclusiv and other system partners are working together to ensure interested applicants have access to funding.
- COVID-19 Insights. The Restart and Recovery Task Force discussed other topics such as measuring work around financial well-being, creating models for small-to-midsize credit unions, and using payday lending as an assessment tool for member vulnerability.
The Credit Union Restart and Recovery Task Force officially disbanded on January 28, 2021. CUNA, League partners and member credit unions will shift to focus on digitization in the age of the pandemic. This new working group will leverage industry voices to help credit unions execute on digital transformation.
“Our task force discussions allowed us to further the credit union system work on financial well-being and to collaborate on efforts around technology,” Michlig added.
“We plan to build upon these efforts going forward, but also want to acknowledge that the urgency related to the rapidly changing environment early in the COVID-19 pandemic has subsided and taken new form,” Michlig added.
Read the full January Industry Outlook here
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 120 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.