The unprecedented COVID-19 crisis has shaken the U.S. economy. Credit unions are juggling tough decisions like never before to help members in need, while grappling with market volatility and potential revenue loss. With so many people and businesses in financial turmoil, how can credit unions provide member support while ensuring their own financial position and operations are sound?
It’s a difficult task – one that requires credit unions to recalibrate their strategies, methods and tools to work through and recover from the pandemic, and to sustain future success. Particularly for credit card portfolios, a thoughtful series of actions and treatments need consideration as it relates to both member care and ongoing program viability.
Maintaining Member Relief and Compassion
Member service has always been of paramount importance to credit unions. Members are relying on you perhaps more than ever during this crisis. Many are working reduced hours, have lost their jobs temporarily – or, in some cases, permanently – and are trying to get by on lower incomes. While we don’t know how long the situation will continue, we can expect that it will remain for at least a few months and the recovery will be gradual. Thankfully, credit unions are on strong financial footing and have already been coming to the aid of their members.
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