BISMARCK, N.D.–The Credit Union Association of the Dakotas is reporting it has been gathering information from its member credit unions almost since the coronavirus pandemic began hitting the U.S., and says it has now compiled a long list of all the “outstanding efforts” credit unions in North and South Dakota have made to serve members.
“We were not surprised by what we found, but we can clearly say how proud our association is of our Dakota credit unions’ outstanding efforts to continue to serve and assist their members, staff, and their greater communities,” the CUAD stated.
Here is a sampling of some of what the CUAD said it has found:
- One of the first steps credit unions took was to loosen restrictions on money that people had already managed to save through Christmas savings accounts and certificates of deposit.
- Most credit unions offered payment extensions or “skip a payment” options and loan modifications without additional fees.
- Many credit unions offered low interest hardship loans and waived common fees, such as ATM charges, balance inquiry fees, loan application fees, low balance/activity fees, and late fees.
- Some CUs offered stimulus advances while people waited for the COVID assistance payments authorized by the federal government.
- Credit unions in the Dakotas have also supported local businesses by purchasing gift cards, ordering take-out meals from local restaurants, often treating entire staffs. “One credit union even started a community appreciation project, where they gave away $50 cash awards to workers at gas stations, grocery stores, and other essential businesses,” the CUAD said. “Another gave cash bonuses to their employees to spend locally.”
- Credit unions in the Dakotas continued to support charities as well, by donating cash, supplies, or by volunteering with organizations such as Meals on Wheels and the United Way.
- Credit unions and credit union staff supported local hospitals by donating personal protection equipment (PPE) or by donating money so additional supplies could be purchased.
- Numerous credit union employees and members went to work sewing masks for healthcare workers, and many credit unions provided free lunches, coffee, water, and other supplies for frontline workers. One credit union made a generous donation to a ministry fund that provides rent and utility assistance.
- Credit unions have shown compassion for their staff. Schedules were adjusted for parents who now had children to care for at home, hours were made flexible when possible, and arrangements were made so many staff members could work remotely.
- Offices were rearranged to allow for social distancing, staff were rotated to limit exposure, and some credit unions continued to pay full salaries and wages even though staff could not complete a full 40-hour work week.
- Credit unions in both states have also made Paycheck Protection Program (PPP) loans. The CUAD cited SBA data showing 32 credit unions made more than 1,460 PPP loans under $150,000 to South Dakota’s small businesses. Those loans amounted to over $30 million in assistance – and “likely saved more than 5,500 jobs,” the CUAD said. In North Dakota, 27 credit unions provided nearly 1,400 PPP loans under $150,000 (average loan size was $23,000) to small businesses in the state. These loans totaled almost $32 million in assistance – “helping to retain more than 4,880 jobs.”