The foundation of credit unions lies in our unwavering commitment to serve our members, to foster financial well-being, and champion community development. However, with the ongoing flow of executive orders that introduce new complexities into the mix, today’s economic landscape requires close attention as it shifts.
From growing concerns about International Taxpayer ID Numbers (ITINs) privacy to the removal of two NCUA board members, and ongoing questions about the future of our tax-exempt status, credit union leaders may (understandably) feel an inclination to "lay low" and delay previously prioritized initiatives until the landscape becomes clearer.
However, taking a constrained or silent approach should not come at the expense of our mission. In fact, such a stance can unintentionally create false perceptions—suggesting that bold, mission-driven actions are inherently risky or non-compliant. This is simply not true. Our commitment to inclusion and community empowerment must remain steadfast, even in uncertain times.
Our communities are facing unprecedent challenges—from mass layoffs among government workers to predatory lenders targeting increasingly fearful immigrant populations, to growing consumer debt among those struggling to earn a living wage. Now is precisely the time to step forward—not to stay silent or scale back. Credit unions can—and must—be unapologetically bold in serving the underbanked, while still operating well within regulatory boundaries.
Now, more than ever, is the time to communicate that credit unions are uniquely positioned to help address financial hardship. The real question is: how do we continue to prioritize helping people in need while also adapting our operations to a shifting environment? And how do we do this without giving in to fear or automatically assuming we are breaking ever-evolving rules?
Communication is key
The first and most important step is to articulate your commitment to your mission—both internally and externally. Instead of repeating the familiar ‘people helping people,’ articulate the specific steps you’re taking to live that mission within regulatory boundaries. This must be communicated both internally (staff, leadership and board) and externally (members and the broader community). Key points to address include:
- Membership goals: What are your goals for gaining new members, particularly among underserved, younger, and more diverse populations that reflect the changing demographics of our country?
- Data privacy commitments: What are your credit union’s commitments to protecting consumer data privacy? How will your staff respond—especially to members—if that privacy is ever breached or compromised?
- Member education: Have you provided members with clear, accessible resources on how to protect their own data? Have you also defined the scope and limits of your credit union’s responsibilities in safeguarding that data? Bonus points if these resources are available in other languages commonly spoken within your field of membership.
Listening and learning
Staying true to our mission requires deeper, ongoing engagement with both our members and community. The most effective credit unions we’ve partnered with are those that intentionally make space and time to listen. Whether through all-staff town hall meetings, member focus groups, or input from Employee Resource Groups (ERGs), consistently seeking feedback from diverse internal and external stakeholders provides invaluable insights. These direct feedback loops can:
- help adjust the member experience for members.
- find exclusionary practices that prevent financial inclusion actions.
- inform the development of tailored products and services.
- assess staff morale and surface the most pressing concerns across teams.
- demonstrate your credit union’s commitment to identifying financial inclusion gaps rather than relying solely on broad, compliance-driven strategies
Innovation as a pathway to succession
In addition, this is an ideal time for credit unions to hold themselves more accountable to embracing innovation. Credit unions can explore incremental innovations that improve accessibility and convenience for all members, especially for younger generations who are digital natives and immigrants who still keep financial ties to their home countries. This could involve:
- contracting a language line for non-English speakers to get help in languages they’re more comfortable with, and at all times of day.
- developing user-friendly mobile platforms.
- offering remittance services to transfer money to accounts abroad.
The value of maintaining face-to-face interactions
While innovation and meeting the expectations of digital-native members is critical, so too is maintaining the human element of service. Credit unions continue to benefit from fostering in-person interactions, especially for aging members who prefer face-to-face conversations when managing their finances. First-generation immigrants also tend to place high value on word-of-mouth recommendations from trusted friends, family, and coworkers—connections that are only possible through high-touch, high-quality personal interactions. Credit unions can strengthen these connections by collaborating with community organizations and exploring innovative partnership models that foster trust and expand opportunities for meaningful engagement.
Some of the best practices we have seen from credit unions across the country include:
- partnering with non-profits to provide financial literacy courses for a specific underbanked demographic such as refugees, young adults who have aged out of the foster care system, or formerly incarcerated individuals who have recently been released.
- investing in a mobile banking unit (RV, bus, truck with banking services) that can easily travel to rural communities where agricultural workers and low-income consumers often struggle to find trusted financial advice.
- connecting with human resources departments of major local employers, particularly in hospitality, food processing, and agricultural industries, where many low-income individuals, immigrants, and refugees are employed. These partnerships can support account openings for new hires and facilitate direct deposit setup for their checking or savings accounts.
Data-driven outreach
Multicultural outreach starts with a sincere effort to understand and respect cultural differences. This starts with leveraging accurate and up-to-date data to gain insights into your field of membership. Key areas to examine include demographic trends and population densities by age, race/ethnicity, and income levels. Much of this information is readily available through:
- U.S. Census and American Community Survey reports
- third-party data sources and consulting firms such as Coopera, which can provide consumer data on your field of membership, as well as roadmaps to ensure that your organization is equipped to serve multicultural consumers
- reports and studies from your state credit union league or trade associations, which help you understand the products and services that can best serve your community.
Conclusion
To stay true to our mission, credit unions must proactively and assertively deliver financial services for the community. Rather than reacting to every new directive, credit unions must stay grounded—embracing flexibility, collaboration, and a clear sense of purpose. In short: keep purpose constant.
This approach not only helps protect and serve your members, but also builds trust and confidence among staff—reassuring them that the organization is staying the course without compromising its values. Ultimately, it empowers credit unions to hold other stakeholders, such as government and regulatory agencies, accountable for ensuring they can thrive as essential community institutions contributing to the broader national economy.
Co-author: Victor Corro
