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CUNA surveying credit unions' response to member needs amid pandemic conditions

Thursday, March 19, 2020   (0 Comments)
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As credit unions in the Carolinas and nationwide move to protect member health and provide extraordinary options amid challenging times, the Credit Union National Association (CUNA) is compiling data on those unique actions and services that illustrate credit unions' "people helping people" philosophy.

Through partnership with the League and the American Association of Credit Union Leagues (AACUL), CUNA asks that credit unions share details on Coronavirus-related action they have taken for members via online survey. The 24-question form captures details on loan products and modifications, fee waivers, other services and contributions, and communication of services and fraud awareness information to members, as well as member service and human resources adjustments.

Since credit unions may add or change service details over time as impact warrants, the survey will remain open for follow-up submissions. Information gleaned thus far include the services listed below, each offered by at least ten (10) respondent credit unions as of Tuesday, March 17, according to CUNA Director of Public Affairs Stephen Fitzmaurice.

"This survey will help us understand how credit unions are altering branch hours and services, extending financial support to members, and stepping in to cooperatively support credit unions that must close branches due to interactions with the virus," Fitzmaurice explains. "By sharing how they are advancing their communities, they will help us relay the credit union difference as we continue to advocate for our movement."

 

CREDIT UNION RESPONSE TO CORONAVIRUS

Loan Modifications:

  • Deferred payments
  • Reduced or no interest loans
  • Payroll advance
  • Loan extensions
  • Line of credit increases
  • Interest-only loan repayment
  • Skip-a-payment

Fee Waivers:

  • Early withdrawal penalty on CD
  • Skip a payment fee
  • Loan application fee
  • Overdraft fee

Other Services:

  • Financial counseling
  • Debt consolidation
  • Credit protection, data security, and fraud protection.
  • Direct financial donations to community organizations
  • Increased limits on ATM/Debit Cards
  • Childcare for employees
  • Personal short term loans at half the normal rate, with deferred payments
  • 0% cash advance loans for 6 months
  • Upgraded mobile banking tools

For Employees:

  • Childcare
  • Additional sick-leave hours for all
  • Unlimited sick leave for employees who become sick
  • Allowing employees to go negative with PTO
  • Shifting to video-teller services
  • Paid leave if a family member is sick with COVID19
  • Paid leave if employee is personally affected by COVID19

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For additional League information related to Coronavirus, visit www.carolinasleague.org/COVID-19.

For CUNA's regularly-updated resource page, visit www.cuna.org/Coronavirus-Disease-(COVID-19).



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