We’re living in an unprecedented time where doing ‘business as usual’ is hard, if not impossible. Globally, we are facing a pandemic that has quickly changed daily life as we know it.
As financial business leaders, COVID-19’s impact is being felt as we navigate how best to maintain services to support consumers, protect our employees, and do our part to limit the virus’ spread throughout our community.
Things are changing daily, which can make decisions hard to reach and even tougher to act on. In this blog, we’re sharing 10 ways credit unions, banks, and other financial institutions are adapting during the COVID-19 pandemic. Read on for trends we’re noting in the industry and helpful resources to help your institution establish next steps for business continuity.
1. Evaluating and Acting on Coronavirus Hardships
Federal and state financial regulators are asking institutions to be flexible and responsive to customer needs. Some actions institutions have taken include allowing skipped loan payments, lowering credit card interest rates, providing emergency personal loans, and offering resources to help educate consumers about how they can work past this uncertain time. Additionally, businesses may feel a financial crunch as they face possible lay-offs, loan repayments, and other financial burdens. Many institutions are focused on helping their members through this unprecedented time and are showing a willingness to explore exceptions to policies and procedures to help alleviate economic stress.
continue reading »