Growth strategies

With its "people helping people" mindset, the industry is uniquely positioned to serve consumers who are suffering during the pandemic. Credit unions need to capitalize on this.

The New York-based credit union is set to absorb Hudson River Financial FCU and Columbia-Greene FCU following charter conversions at those institutions. Sunmark has picked up at least two other small CUs within the last 18 months.

Members of Andigo Credit Union in Schaumburg, Ill., have approved a proposed merger into Consumers Credit Union in Gurnee, Ill.

The value of serving a specific employer or a limited field of membership has diminished over the years. COVID-19 is just the latest crisis that shows how dangerous this concentration can be.

Southwest HealthCare Credit Union agreed to merge into Canyon State because of increased competition and regulatory demands.

Citizens, Regions and others say business investments initiated before the COVID-19 pandemic, including technology improvements and new consumer offerings, are on track.

The $1.8 billion-asset institution will likely absorb Spartanburg City Employees FCU later this year, following a vote of that CU's members next month.

The industry was already on a path toward increased digital services, but the global pandemic is showing why CUs need to speed up that process.

Banks, which previously shunned unsecured small-dollar lending, are now embracing the product because of the outbreak. It's just a matter of whether the shift is permanent.

Many states are offering additional flexibility as more consumers dip into their savings as a result of the pandemic’s economic fallout.