Americans have been living and operating under the cloud of the coronavirus pandemic for more than six months. COVID-19 has caused an unprecedented economic upheaval, but in all this uncertainty, one thing has become clear: The cooperative member-first mission is helping Americans meet the moment.
An influx of deposits is pouring into credit unions as current and new members try to shoulder the shock of disrupted income and prepare for an uncertain future by socking away funding from relief programs. For their part, many institutions are putting that excess money to work in creative ways by providing low-cost loans and remote-only services, among other initiatives.
At a time when many consumers are struggling, especially at-risk populations already on the fringe of traditional financial services, the work of the nation’s credit unions has gained in both importance and stakes.
That why the second quarter issue of Strategy & Performance digs into four certified CDFI credit unions of varied sizes and geography to learn how their business and focus has changed since the onset of COVID-19 and what any credit union can learn from these cooperatives’ community-first approach.
You’ll find the sections you’ve come to expect from Strategy & Performance, including a deep data dive into Ohio credit unions, lessons in strategy from Callahan executives, and a reading recommendation from one of Callahan’s senior vice presidents. And of course, Callahan’s analyst team breaks down second quarter trends from a macro perspective plus drills down into eight balance sheet categories.
As always, we thank you, our readers, for your continued support of Callahan and its editorial output. We hope you’ll continue to rely on CreditUnions.com as well as future issues of Strategy & Performance for lessons learned and best practices during the months ahead. If you have ideas to share, our inbox is always open; please email email@example.com. We’d love to tell your story.