The U.S. unemployment rate was 10.2% in July, higher than at any other point in the past 70 years. In some of the hardest hit cities, the unemployment rate may actually be even higher according to USA Today. Understandably, many consumers are worried about their finances. Even those who may still be gainfully employed.
How Is Your Credit Union Offering Support?
Many credit unions across the country were formed during or shortly after the Great Depression to provide credit to those most in need. Some credit unions, like First Choice FCU share this history on their website to educate current and future members about the not-for-profit, cooperative difference.
This message of hope and the “people helping people” philosophy is just as important for consumers to hear today. Some, like CUToday.info have even updated the original 1923 umbrella man logo to better reflect the diverse members credit unions now serve.
Regardless of the imagery, the idea that credit unions are here to help their members overcome financial challenges and get through hard times, sickness and financial distress is powerful. So far in 2020, we’ve seen many credit unions defer loan payments, waive fees and proactively work with their members. Others have focused on supporting local small businesses by offering Paycheck Protection Program loans or refinancing higher-rate loans from other financial institutions.
As economic uncertainty continues, members will look to their credit unions even more for trusted advice. Now is the time to provide the resources and tools they need and continue delivering a message of hope for the future.
We’re here to help support you. Kearley & Company is just a phone call, email or text away. We assist credit unions and other businesses develop marketing and communications strategies that work. Our team can help you adjust to new realities and continue serving your members.