Laurie Winger

It’s hard to believe that just a few months ago, we were all preparing for what seemed like a prosperous 2020. A strong economy combined with the clean slate of a new year had the credit union movement and financial services industry feeling optimistic for the year ahead. But COVID-19 has turned our plans upside down and has dramatically changed the business and economic landscape.

While we are all navigating unforeseeable situations caused by the pandemic, I’m not surprised to see that credit unions across the country are using their creativity, flexibility and compassion to help their members.

Credit unions are an essential part of their communities and understand their members’ needs – in both the best and worst of times. Many members are feeling the financial distress of layoffs, furloughs, quarantine and small business closures, but we’re all here to help.

At CUNA Mutual Group, we think of ourselves as a family – a tight-knit group working together to support each other. This family extends to the credit union movement and all the people and businesses we insure. That’s why we’re taking action to help our credit union customers, their members and consumers alike. Here are a few of the ways:

Stepping Up for Credit Unions & Our Customers

First and foremost, CUNA Mutual Group is financially strong and well-equipped to navigate the financial stressors of COVID-19. Not only do we have experience managing through prior crises like the Great Recession, catastrophic hurricanes and devastating wildfires, we have the capital and liquidity to deliver on our commitments to credit unions and their members. We actively manage this liquidity every day to ensure our reliability.

We are also bolstering credit union operations and finances. We have increased on-premises cash limits for our bond policyholders, which allows these credit unions to access extra cash to satisfy member requests. We are also adapting our products and services to be as accessible as possible, and we are moving quickly to make changes and respond to our customers’ needs.

In addition, our industry experts are supporting financial institutions, their employees and their customers by providing compliance resources like real-time risk alerts, access to risk managers, and deploying a software solution that pairs with select loan origination providers to facilitate small business’ participation in the Paycheck Protection Program of the CARES Act. We are waiving customization fees and reducing costs for documents intended to assist members experiencing financial hardship due to COVID-19. Finally, our broker-dealer clients – CUNA Brokerage Service, Inc. (CBSI) – are receiving regular intelligence from our Chief Market Strategist Scott Knapp and Steve Rick, our Chief Economist, as well as expedited account management tools for their clients.

Increasing Accessibility and Acting with Compassion for Members & Consumers

Many credit union members and consumers rely on our products and services to protect themselves and their families. That’s why we’re taking steps to ensure they can continue to count on us in times of financial hardship. To assist during this challenging time, our commitments include:

· We will not cancel or non-renew any AD&D, life, health, credit insurance or debt protection policies for failure to pay premiums for 90 days.

· We are extending payment grace periods for certain other products.

· We are not charging any late fees and we will continue to pay claims for a covered loss during this period.

· We expanded support for financial hardship loans and loan modifications.

· We developed an emergency aid online loan process to help consumers apply for financial help in a streamlined fashion.

· Our annuity products provide downside protection, which is helping policy holders protect their nest eggs through market volatility.

People Helping People: A Value We Share with Credit Unions

Like credit unions, our company was founded on the principle of “people helping people.” That foundation is more important than ever right now.

Credit unions have always been about lifting their members up and doing the right thing – and so has CUNA Mutual Group. We have not acted in service to ourselves, but in the spirit of unity, resilience and community. No one entity – business, government, or otherwise – will be able to pull us out of this crisis on their own. Instead, we will make it through this extraordinary time stronger together .

CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company and MEMBERS Life Insurance Company. Corporate headquarters are located in Madison, Wis.

Laurie Winger

Madison, Wisconsin, United States 1K followers 500+ connections

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Supporting Our CUNA Mutual Group Family in Times of Crisis

By Laurie Winger

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