person holding an umbrella to block the coronavirus Source: Shutterstock.

During the Great Depression when millions of Americans lost their jobs, credit unions demonstrated the difference of the young movement by providing much-need credit to members who were turned away for loans by commercial banks.

When the coronavirus crisis hit, leading to a collapsing economy and the biggest job losses since the Great Depression, credit unions quickly sprang into action by providing a variety of loan relief options, fee waivers and other financial benefits to support members. Those actions will go a long way to strengthen member loyalty and also generate positive word-of-mouth marketing in credit union communities.

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Peter Strozniak

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