The Start Of Something Different

First quarter data offers an initial glimpse at the impact from the coronavirus pandemic. There is still much left to learn.

First quarter performance data tells the first chapters of a large story.

The coronavirus pandemic forced sweeping changes upon American business operations and consumer behaviors in mid-March. At once, health and security became prime concerns, remote work became the norm for certain industries, and economic uncertainty manifested in higher rates of saving and lower consumer expenditures. First quarter performance data reported by Callahan & Associates reflects these changes as well as the efforts credit unions made from the front lines to reduce the damage/financial shock.

However, this story is far from over. In the following pages of the first quarter 2020 issue of Strategy & Performance, readers will learn about the state of the credit union balance sheet as of March 31, 2020 showing only several weeks of impactfrom COVID-19.

Once it became clear how significantly COVID-19 would disrupt business, executives threw aside standard procedure and designed new solutions to accommodate evolving challenges. In this issue, we collect commentary from leaders across the nation regarding their immediate response to the pandemic.

Elsewhere in the book, you’ll find the sections you’ve come to expect from Strategy & Performance, including a deep data dive into a single state’s credit unions California in this issue lessons in strategy from Callahan executives, and reading recommendations for the industry’s book worms. In addition, we’ve included a special sneak peek at a book, written by an old friend of this magazine, on the history of Wright-Patt Credit Union.

We thank you for your readership and hope you’ll continue to rely on CreditUnions.com as well as future issues of this magazine for lessons and best practices learned during the months ahead. If you have ideas to share, our inbox is always open; please email editor@creditunions.com. We’d love to tell your story.

June 30, 2020

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