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Credit union professionals are currently faced with many challenges due to the impact of COVID-19, combined with a 0% rate environment. Many leaders are overwhelmed with the decisions that need to be made, some unparalleled, depending on how long this combination of events continue. They are recognizing that some of the financial relief for members they intended to be short-term may be needed for a lot longer than anticipated. So how does leadership, in all of this uncertainty, strategically navigate their business forward?
As outsourced accounting providers and CFO-level consultants, we are excited to be able to host a webinar on this pressing topic. Join us and ALM & strategy planner C.Myers for a critical and timely webinar which will address these key questions.
This month, we’d like to share how one shared branching credit union is going above and beyond in the midst of this paralyzing pandemic. Over the past month, we’ve been saddened to see not only the closing of branches, but the closing of shared branches specifically to guest members. The impact this has had on guest members has been a challenge to experience. With stay-at-home orders and restrictions on travel, some members truly have no way to access their money if their local shared branch restricts guest member access. The cooperative spirit of credit unions is strained like never before in their near 100-year history.
Over the course of April, we conducted a survey on how the COVID-19 pandemic is affecting credit unions’ 12 month strategies. The goal was to gather critical trends, insights and knowledge to report back to the community and we are pleased to share a recap of the survey results with you today, including participant demographics and key takeaways.
The full results of all 19 questions will be sent out next Friday, May 1st – so please keep an eye out from our CEO Doug Burke. We appreciate the time our participants tool to share their experiences. Please review the recap below.
Disclaimer – New information is being provided on a daily basis regarding the pandemic, the economic stimulus money, expectations of regulatory agencies, etc. The following questions and answers are based on the information available to us at this time. As more information becomes available, these answers may change.
Our focus this month, as it is for everyone, is how the coronavirus (COVID-19) is affecting credit unions. The financial impact COVID-19 will have on the lives of Americans has yet to be determined. However, credit unions are already stepping forward to help soften the blow for their members. And they’re looking to us for help balancing compliance with service. Our outsourced compliance services team here at CU Service Network has compiled a list of frequently asked compliance questions, below.