The “Times Insider,” a division of the New York Times, recently released one of the most shocking pandemic-related statistics yet:
Twenty-two million U.S. jobs were lost in March and April because of the pandemic — as many as the total in the Great Depression and Great Recession combined.
Consumers across the country are struggling to make ends meet, and many are plummeting deeper and deeper into debt. Stimulus payments distributed early in the year along with expanded unemployment benefits helped significantly, but the payments and the benefits have run out.
Consumers need help to weather this storm and in light of this unprecedented demand, competitors from all areas of the financial services spectrum are turning up to meet consumers’ short-term liquidity needs—including 2 of the 5 largest banks in the United States. When the megabanks enter the fray, it’s unquestionably time for community banks and credit unions to step up and take action.
In a time when American households are lacking liquidity in record numbers and the competitors are swooping in to meet their needs, is your credit union prepared to take action?
Download this white paper to learn how you can help.