Credit unions are stepping up to help members during the COVID-19 crisis. From loan modifications to drive-up access to financial counseling, America's credit unions are embodying their people-helping-people mission for their members and communities.
According to a survey* of credit unions, as of March 26, 2020, 95% of credit unions surveyed are offering loan modifications, 80% have created new loan products in response to the crisis. 85% offer fee waivers. 64% are offering debt consolidation and/or financial counseling. 30% have made donations or otherwise aided community organizations.
Credit unions are there for members and communities - in good times and times of trouble. Visit americascreditunions.org for a state-by-state, credit union-specific list of efforts to support those impacted by the pandemic.
Credit unions are offering a variety of crisis assistance to ensure the financial well-being of Americans across the country during a pandemic unlike anything the world has experienced in over a century, including:
- Modifications to existing loans
- Fee waivers
- New loan products
- Financial counseling, debt consolidation and other services
- Donations or assistance to community organizations
- Increased limits on ATM/debit cards
Details on how credit unions are managing this assistance.
*Survey conducted by Credit Union National Association and state credit union leagues. As of March 26, 2020, 374 credit unions participated. Participation continues and survey results will be updated on a regular basis.