Small but mighty credit unions work to nurture communities out of COVID

Millions of consumers in the United States are learning to re-adjust to this near post-COVID period. Many are also re-thinking their approach to newfound financial challenges, how to overcome them, and how to  take proper steps to improve their financial wellness goals.

Tough concepts when a member or their loved one has been furloughed or laid off in the last year. Stimulus checks have long vanished, Child Tax Credit only goes so far. They need help, and they need tangible, results-oriented solutions from a trusted, community-oriented source.

According to the Bureau of Labor Statistics (BLS), as late as June 2 both the unemployment rate, 5.9 percent, and the number of unemployed workers, 9.5 million, had changed little from June. These measures are down considerably from their historic highs at the beginning of the pandemic in April 2020 but remain well above levels prior to the coronavirus.

We believe a key part of getting the U.S. economy back to the best it can be is reinforcing the collective growth of our nation’s credit unions down to the smallest, community-centric CUs that serve the most underserved communities. These tiny-but-mighty credit unions with less than $100 million in assets continue to work for their membership while doing their best to adapt to necessities and changes in the industry, oftentimes with the slimmest of operating margins.


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