SAN DIEGO—When branch traffic fell off 40% in the early months of the pandemic, California Coast CU quickly realized it needed to develop new ways of selling if it wanted generate growth at least close to what it had been projecting pre-pandemic.
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LAKE FOREST, Ill.—The Fed’s major policy shift in its approach to inflation is a “game changer” for financial institutions, asserts one economist, who expects the move will bring even tighter net interest margins, more competition for deposits and even the potential for annual fees for CU membership.
BURNABY, British Columbia—Consumers and auto dealers are not just getting accustomed to the new socially distanced buying methods now being employed across the nation, those processes are likely to stick even after the pandemic is over, according to one expert.
BIRMINGHAM, Ala.—The recent Supreme Court upholding NCUA’s 2016 field of membership rules means more CUs are seeking to expand their fields, especially to focus services on underserved areas, says Dennis Dollar.
ST. PETERSBURG, Fla.—Could a consumer movement as significant as that Bank Transfer Day happen again, but with a twist that isn’t to the advantage of credit unions?
PHILADELPHIA—With the COVID-19 pandemic keeping people home, more consumers are considering renovating their house, and Ardent Credit Union has responded with unique remodeling loan.
MILWAUKEE—A trend in recent years by many credit unions to turn branches into consultative centers—and away from transaction hubs—will need to accelerate as consumers have rapidly changed behavior, says one design and build expert.
WASHINGTON—It’s time credit unions add more risk to—and “reimagine”—the balance sheet so they can survive the pandemic without having to cut jobs, says Evan Clark.
LARAMIE, Wyoming—Tyler Valentine believes credit unions are at a critical juncture, and if they don’t take steps to better embrace youth within their organizations—including addressing matters such dress code and work flexibility—they risk losing relevance with their members.
SAN DIEGO—California Coast CU felt it needed to do everything possible to protect its staff and members during the COVID-19 crisis, and that meant temporarily hiring an expert in chemical engineering and biochemistry to provide direction on how to keep its branches safe—and that includes how hand sanitizer is stored and when employees need to stand in the corner.