Opinion

Coronavirus proves bad times bring out the best in credit unions

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Credit unions are upping their game to overcome the economic and operational headwinds posed by the coronavirus pandemic. At the National Association of Federally-Insured Credit Unions, we stand ready to help and ready to lead the industry into a new era of financial services.

Over the last few months, I have spoken with many CEOs and executives in our movement about how they are stepping up to deliver for their members during this uncertain time. Credit unions were well prepared to tackle these challenges and they began implementing new digital solutions, such as robust online and mobile banking, long before the pandemic began. Since then, those plans have accelerated. Consumers continue to look for innovative digital and mobile banking platforms, and demand frictionless payment systems.

With help from our members, NAFCU fought to secure many legislative and regulatory wins for the credit union industry so these institutions can continue to provide top-class member service. From regulatory-relief efforts to securing needed SBA funding through the Paycheck Protection Program, our joint efforts made all the difference. We accomplished a lot and we should be proud – we did it together as one cooperative industry.

NAFCU is also committed to delivering uninterrupted, top-notch education and training programs amid the pandemic. To do so, we have revamped our remaining 2020 conferences to be virtual events. More so, we have refreshed our robust vendor directory to connect credit unions directly with the best service providers in the industry.

Today, American families need support. They need financial lifelines to help carry them from dark economic times into a recovery. The road to back will be a long one and consumers will need additional support. Credit unions stand ready to support whatever financial difficulty they will face.

We are in this fight together and I am proud to be representing an industry that is committed to making a difference for our communities and our nation’s people. Your work has shown the financial services industry the true meaning of leadership. For that, I thank each and every credit union CEO, management staff member, and front-line employee for their tireless efforts.

As we gear up for 2021, we have our sights set on a bold advocacy agenda that we will discuss in meetings with members of Congress this week during our virtual Congressional Caucus.

Americans have financial needs that must be met, and credit unions work to meet these needs every day. Let’s keep this momentum going.

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Coronavirus Law and regulation NAFCU
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