Credit unions offer a calming hand to members under financial stress
In the spirit of the movement’s cooperative mission, seek out creative ways to support your members as they navigate the perilous waters of the pandemic.
Being there for everyday “moments” in members’ financial lives has never been more critical for credit unions. It’s the key to building trust, which leads to enduring relationships and growth. The pandemic crisis has impacted many vulnerable credit union members across the country. This spring, unemployment soared to a level not seen since the Great Depression and, although it has recovered somewhat, as of August 2020 the rate remains stubbornly high at 8.4%.
Meanwhile, families that have the most to lose are feeling the greatest financial pinch. Job losses are highest in low-wage industries at 13%. According to recent Census Bureau survey data, one in four households with children are unable to cover rent, and 23 million adults did not have enough food to provide for their household’s needs.
The credit union movement was built to meet the mission of “people helping people.” Here are some ways credit unions can support their members as they navigate these challenging times.
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