WASHINGTON–CUNA’s Credit Union System COVID-19 Restart and Recovery Task Force has released its second and final “industry outlook” with a goal of providing guidance and strategies for credit unions recovering from the impact of the pandemic. The Task Force has now disbanded, with the trade group announcing a new initiative it said will focus on digitization in the age of the pandemic.
According to CUNA, advancing financial well-being for all and shifting employee-employer relationships are two primary considerations for the current credit union operating environment.
The January 2021 Industry Outlook provides business continuity tips and details on how credit unions can recommit to their foundational mission amid the pandemic, CUNA said.
Topics include:
- Promoting Financial Well-Being. “The pandemic has brought the health-wealth relationship into the spotlight. The Industry Outlook details ways that credit unions can position themselves to advance financial well-being.”
- Shifting the Employee-Employer Relationship. “COVID-19 has changed the way that companies are engaging with their employees. The Task Force discusses opportunities and challenges for credit unions looking to modify their human resources strategies,” CUNA said.
- Racial Equity and Resilience Investment Fund. As CUToday.info reported, Inclusiv recently launched a $20 million secondary capital investment fund to expand economic relief and financial inclusion for credit unions serving communities of color. CUNA said it has joined with Inclusiv and other system partners to work together to ensure interested applicants have access to funding.
- COVID-19 Insights. The Restart and Recovery Task Force discussed other topics such as measuring work around financial well-being, creating models for small-to-midsize credit unions, and using payday lending as an assessment tool for member vulnerability, CUNA reported.
Regaining Normalcy
“Credit unions are regaining a sense of normalcy as our country looks to restore health, economies and societies,” said CUNA Chief Engagement Officer Greg Michlig. “We are looking ahead to create a more sustainable response to the pandemic and to serve our members in new and innovative ways.”
New Working Group
The Credit Union Restart and Recovery Task Force officially disbanded on Jan. 28, 2021. CUNA said it, state leagues and member credit unions will shift to focus on digitization in the age of the pandemic. This new working group will leverage industry voices to help credit unions execute on digital transformation.
“Our task force discussions allowed us to further the credit union system work on financial well-being and to collaborate on efforts around technology,” Michlig stated. “We plan to build upon these efforts going forward, but also want to acknowledge that the urgency related to the rapidly changing environment early in the COVID-19 pandemic has subsided and taken new form.”
Michlig said participants in the new task force are still being determined and that consultant Mark Sievewright will act as the lead "subject matter expert" for the group.
The first meeting will take place in mid-February with plans calling for monthly meetings. Michlig said topics to be discussed will include not just tech advancements and member/consumer expectations, but also ways the credit union system can work together to drive scale.
The full January Industry Outlook can be found here