ARLINGTON, Va.—Credit unions say they will not end the financial relief they are providing members as long as the health crisis persists.
According to data from NAFCU's latest Economic & CU Monitor, credit unions plan to continue to support members through economic recovery.
Most survey respondents indicated their credit union will continue to offer some type of assistance until the national emergency ends. Of note, more than 60% plan to continue payment accommodations, such as loan deferrals and skip-a-pays, NAFCU said.
Credit unions are also keeping health and safety top of mind: Seven-in-10 said their credit union intends on keeping social distancing policies in branching until the emergency is declared over, and 44% plan to continue allowing non-branch employees to telework.
Some Skepticism
Separately, the newest Monitor findings show CU leaders indicated they are becoming still skeptical about the future of the economy, with earnings outlooks dipping.
NAFCU’s Credit Union Sentiment Index (CUSI), an index based on NAFCU member responses to eight questions on growth and earnings outlook, lending conditions and regulatory burden, fell slightly during the month as credit unions' earnings outlook declined amid the low-interest rate environment.