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The Reputation of Credit Unions: Going Back to Basics Amid the 2020 Economic Downturn

To preserve the cooperative culture, CUs must educate new employees on what makes the movement so unique.

By Michelle Peterson | June 22, 2020 at 01:54 PM
Cooperation Photo: Shutterstock.

In the midst of high unemployment, an expected continuation of job losses and consumers who are struggling to make it month to month, there is a strong need to return to basics in the credit union industry and revive the overall mission of why credit unions exist.

We are facing a grim economic outlook as a result of the pandemic-induced shutdown and its far-reaching impact over the next 18 to 24 months, and no one knows when or if things will improve. The future may look quite different than the pre-pandemic “norm” did, which may cause credit unions to embrace and leverage the difference they make in this world.

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