COVID-19 Stress Mounts at Credit Unions

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The offices of the $231 million Actors Federal Credit Union in New York City overlook an empty Times Square, one of the most depressing scenes of the coronavirus crisis, which has added new layers of stress, anxiety and fear in everyone’s work and personal lives.

“You go in and walk through Times Square, and being a Jersey kid growing up in this area, I don’t know that I’ve ever actually seen Times Square empty before at any time,” Daniel Czerniawski, president/CEO of Actors FCU, sadly reflected. “I guess the toughest part in this is the lack of knowing when it really will stop … both from a human tragedy standpoint and a financial standpoint. For me as a CEO, I’m looking at it thinking, what tools can I give to my staff? How do I keep us whole and give them enough support? The phone calls [the staff] are getting [from members] are tough, but there’s just no way around it.”