Looking for a competitive edge for your credit union? The era of DEI is underway

by QCash Financial CUSO

In these days of unbridled cynicism and skepticism centered around bad-faith politics and social upheaval, it seems the power of hope is one of those old-fashioned ideas that appears to have, at least temporarily, outlived its usefulness.

OR…maybe we should put a stop-loss on that thought for a minute.

For many Americans, the credit union movement has had more than a century’s worth of experience in weathering such times as COVID-19 and the financial crisis at the end of the 2010s. True to form, credit unions executed financial support measures to members in myriad ways including payment deferrals, emergency loans, fee refunds, waivers, community support, and financial counseling. According to a survey by Callahan & Associates in January 2021, almost 70 percent of responding credit unions reported ceasing or slowing of repossessions as a result of COVID. Moreover, more than 25 percent of those credit unions said they declined to repossess if the member expressed financial hardship prior to the pandemic.

Fortunately, credit unions like the aptly-named Hope Credit Union, after every disaster, seem to come out bigger and stronger than they were before while further radiating the spirit of member and staff diversity, financial inclusion, and community development.

 

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