Philanthropy

Social distancing has put a crimp in the credit union industry's usual philanthropic activities, but many institutions are finding new ways to give back during this festive season.

The Credit Union Cherry Blossom Run, the industry's biggest annual philanthropic event, saw a nearly 10% increase in giving this year despite being canceled.

From student-run branches to courses on credit, budgeting and more, one of the industry's longest-running partnerships is being upended as districts across the country move to virtual learning.

The company's foundation, whose mission had been carefully planned by BB&T and SunTrust before their merger, opened just nine days before the novel coronavirus was declared a pandemic. Here’s what happened next.

The company has established a fund that will provide capital, technical assistance and long-term recovery support to small businesses, especially minority-owned companies. The other megabanks are expected to donate their fees, also.

A program from the Worldwide Foundation for Credit Unions will provide personal protective equipment for CUs in the Eastern European nation after they were forced to close earlier this spring amid the outbreak.

Industry giving is likely to decline in the wake of the pandemic, but it could force the movement to update its giving platforms.

Funneling fees from emergency loans to feed the hungry. Supporting psychological counseling for health care heroes and financial advice for the poor. Backing retrofits of customer operations to produce protective gear for front-line medical personnel. Bankers and financial educators have tossed out the traditional playbook to help clients and communities in crisis.

The regulator will provide $4 million in loans and $800,000 in grants so institutions can assist their communities during the pandemic.

It is the bank’s second big gift to the nonprofit Financial Health Network in recent years, with this one earmarked for a financial solutions lab.