This time around, it’s different

Five credit union lending executives from across the country share how the COVID-19 pandemic compares to the Great Recession.

The Great Recession and COVID-19 each convulsed the American public — but in very different ways.

The most obvious is the deaths of hundreds of thousands of people from a pandemic that still rages. But the economic impacts, although severe in both circumstances, vary greatly, too. Just one example: Home values plunged during the Great Recession; now, they’re soaring.

Credit union lenders have been on the front lines both times, helping members deal with joblessness by lending how and where others might not.

And whereas the full impact of the pandemic on financial institutions and the people they serve won’t be known anytime soon, there’s still insight to be gained from how financial cooperatives are responding.


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