Skip to main content

What credit unions are doing to help their members.

WASHINGTON—New data from CUNA shows what credit unions are doing to support members’ financial well-being during the pandemic?
According to the latest CUNA/American Association of Credit Union Leagues survey:
  • 95% of credit unions surveyed are offering modifications to existing loans, including loan extensions (skip-a-payment), line of credit increases, interest-only loan repayment, reduced or no-interest loans
  • 80% of credit unions are offering new loan products, including deferred payment, reduced or no-interest, reduced or no-interest payroll advance
  • 85% of credit unions are waiving and reducing fees to ease the burden on members, including waiving early withdrawal penalty on CDs, waiving skip-a-payment fees, waiving overdraft fees, waiving loan application fees and other waivers
  • 64% of credit unions are offering financial counseling, debt consolidation or other services, including financial counseling (39%), debt consolidation (36%) and credit protection (23%)
  • Credit unions originated billions of dollars in SBA PPP loans with an average loan size of $65,000
  • Most credit unions are providing some support to their employees, including childcare programs, employee assistance programs and paid leave for employees who have or have a family member with COVID-19
COVID-19 Task Force
Separately, CUNA has launched an initiative aimed at providing some guidance to credit unions as they and the country work to emerge from the coronavirus pandemic.
CUNA said it has formed a Credit Union System COVID-19 Restart and Recovery Task Force, which is comprised primarily of representatives from the state leagues and credit unions themselves. Also represented are the National Credit Union Foundation and CUNA Mutual Group.
The task force will engage in dialogue to provide guidance and strategies for credit unions as they restart paused business lines and recover from the negative impacts of the COVID-19 pandemic, CUNA said.
“The purpose of this task force is to foster dialogue and facilitate understanding of the most pressing challenges and greatest opportunities facing the movement as we continue to navigate these unprecedented times,” the trade group added. 

Comments

Post a Comment

Please no profanity or political comments.

Popular posts from this blog

Both Sides of The Desk!

With over 50 years of experience in the credit union sector, I have had the privilege of observing and participating in its evolution from various vantage points. My journey has taken me from serving as a dedicated volunteer holding critical leadership roles, including serving on the supervisory committee, as director, and as board chairman, culminating in my tenure as CEO for 12 years and now founder and President/CEO of the National Council of Firefighter Credit Unions . This extensive background has enabled me to " Sit On Both Sides Of The Desk ," blending operational expertise with strategic oversight. In this blog post, I want to share how this dual perspective has enriched my understanding of credit union dynamics and fostered more effective governance. By leveraging the insights gained from years spent navigating both the intricacies of daily operations and the broader strategic objectives, I have witnessed firsthand the transformative power of collaboration, communi...
Post a Comment
Read Complete Article HERE>»

Unlocking the Power of Emeritus Board Positions in Credit Unions

  Explore how the Emeritus Board Position in credit unions honors long-serving members, offering them a chance to mentor new leaders while maintaining strategic influence without the responsibilities of active board roles.
Post a Comment
Read Complete Article HERE>»

How To Make Decisions With Conviction—Even Under Pressure

Why strong leaders act when others hesitate — and how to develop that confidence without needing every answer. I’ve watched smart, experienced leaders freeze. And I’ve been in that same position myself. It’s not because we lack information, but because we don’t feel ready to choose. Leaders often get stuck because they’re waiting for the perfect moment to act. They’re thinking through the consequences, weighing the trade-offs, trying to get it right. But the longer they wait, the harder it becomes to move at all. The truth is that the worst decision isn’t always the wrong one. It’s the one you never make. If you’re in a leadership role, you don’t always get the luxury of knowing. You have to move anyway. Not recklessly, not blindly, but with clarity, purpose and conviction. In high-pressure moments, the gap between average leaders and great ones gets exposed. It’s not a gap in intelligence or experience. It’s a gap in decisiveness. Because conviction doesn’t mean certainty—it means mak...
Post a Comment
Read Complete Article HERE>»

Fed Kicks Off Two-Days of Meetings Today as Critics, Proponents Respond to Rate Increases; Plus, What CUs Should Expect

CUToday WASHINGTON–The Federal Reserve’s Open Market Committee (FOMC) will kick off two days of meetings today and the decision they announce tomorrow will affect everything from the major U.S. markets to credit unions that are seeing strong loan growth to individual credit union members struggling with monthly bills. The FOMC is widely expected to again raise its benchmark rate as it seeks to cool raging inflation. Among those expecting rates to be higher by Wednesday afternoon is CUNA’s chief economist, Mike Schenk, who expects the Fed will push up rates by 75 basis points. That follows the full one percentage point increase made during the Fed’s July meeting. “That’s pretty substantial, but inflation is over 9%,” said Schenk...
Post a Comment
Read Complete Article HERE>»

Live - Podcast Understanding The Importance P&L Statements

A Weekly Dose of Innovation for Credit Unions Serving First Responders Welcome to the NCOFCU Podcast: Your Weekly Dose of Innovation. Hosted by Grant Sheehan CCUE | CCUP | CEO, NCOFCU, this podcast is your definitive source for the latest news, insights, and trends in the first responder credit union world.
Post a Comment
Read Complete Article HERE>»