CU FinHealth Conference 2021 recap

Thank you to everyone who made our CU FinHealth Conference a success last week! We enjoyed “seeing” all of you and talking with our informative panelists over the three days of the conference. A special thank-you to our co-hosts, the California and Nevada Credit Union Leagues and the Cornerstone Foundation, for their collaboration and support. In case you missed the conference, here’s a quick recap to get you all caught up.

The first session, Financial Well-Being During a Pandemic, discussed the negative financial impact of the pandemic on women and people of color since they were groups that held many service jobs that were lost during widespread closures. Women were also impacted because of childcare duties that fell to them when schools closed. While unemployment is projected to be back to the low pre-pandemic levels by late 2022, minorities will still be making up for time lost during the past year and rebuilding their savings.

The final session of the first day was a consumer panel consisting of credit union members from across the country. Many panelists stated that they had their primary checking accounts at banks and they would go to their credit union for loans due to better rates or hold their savings accounts at their credit union because it was “more difficult” to get to their money there. Functionality and accessibility were additional issues that were pointed out as being problematic and reasons for them not to consider their credit union first. This led to breakout group discussions to conclude our first day and gave attendees a lot to think about!

 

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