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.