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If 2020 taught us anything, it was that no business model is shock proof. Many trends that were already in progress accelerated rapidly during the pandemic and some weaknesses became starkly obvious. For the credit union industry, it became exceedingly clear that our interest rate shock tests and ALM projections did nothing to prepare us for the onslaught of change we experienced in a few short weeks.

When COVID began late in the first quarter of 2020, most credit unions were unprepared for the mass exodus of staff, widespread branch lobby closures and the overnight utilization of digital channels for member interactions. The pandemic would prove to put the credit union model under stress unlike anything we had ever seen.

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