Credit Unions Offering Essential Hardship Programs During Crisis

Credit unions create new programs for members, and a new Mitch Albom-featured ad campaign.

LANSING, Mich. (March 26, 2020) — As with many industries, the global pandemic, COVID-19, has significantly changed how credit unions go about day-to-day operations, forcing credit union leaders to figure out how to maintain high-quality service to members while keeping members and employees safe. And as they always do in tough economic situations, credit unions are offering financial hardship programs to help their members weather these unprecedented circumstances.

During this coronavirus crisis, every day, Michigan credit unions are creating new programs that meet their members’ changing needs.

The following is a list of hardship programs that many Michigan credit unions are offering their communities:

In the aggregate, Michigan credit unions have as much as $150 million available for emergency hardship loans, although terms and conditions vary widely from credit union to credit union as each adapt to the unique needs of their members from region to region.

These special crisis-era offers are complimented by other services, such as extended drive thru and call center hours and a wide array of remote and mobile solutions. Some are also sending members routine communications on financial guidance, updated policies, procedures and programs, as well as creative solutions for non-banking concerns, such as work-from-home tips.

"Credit unions across America are offering their more than 110 million consumer and small business members an extraordinary helping hand," said MCUL President/CEO Dave Adams. "All deposits are federally insured in Michigan credit unions and more importantly, Michigan's 5.5 million members are gaining access to emergency loans, waived fees, deferred loan payments and great financial counseling. Extraordinary economic times require these measures and credit unions are stepping up."

Additionally, MCUL partnered with Michigan-based ad agency, DP+, and CU Solutions Group’s CUBE TV Studios to create credit union-focused advertisements featuring renowned author and broadcaster Mitch Albom. The series of ads reinforce credit unions’ not-for-profit, people-first service mantra by noting the availability of these special financial hardship programs, in addition to reassuring members that their savings are safe, secure and federally insured. The ads drive viewers and listeners to CULinkMichigan.com to encourage members to contact their credit union for support or to join a credit union if they are not yet members.

For this campaign, the League is running ads on cable TV, radio and digital media starting Wed., March 25, covering Q2 (April-June) engagement.

Newly developed MCUL assets would cover:

These videos can be previewed here.

For more information on how CU Link can help credit unions respond during the COVID-19 crisis, visit here.

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About the Michigan Credit Union League & Affiliates

Organized in 1934, the Michigan Credit Union League & Affiliates (MCUL) is a trade association representing Michigan’s credit unions. Based in Lansing, Michigan, MCUL works to strengthen the credit union community and its image by providing advocacy on important issues, coordinating cooperative initiatives and by providing high-quality solutions that help credit unions succeed and enrich the lives of their members.

About CU Solutions Group

Headquartered in Livonia, Mich., CU Solutions Group is an award-winning credit union service organization that offers products and services in the areas of technology, marketing, HR performance and strategic advisory. The organization is home to national credit union-focused brands including Love My Credit Union Rewards, Save to Win, MemberXP, CUBE TV Studios, Compease and Performance Pro. The company has more than 100 investors comprised of credit unions, credit union leagues and credit union system organizations and maintains strategic partnerships with Intuit TurboTax®, GSTV and CU Risk Intelligence. For more information, visit CUSolutionsGroup.com.

 

Media Contact:
Shawn Glinis, Media and Publications Editor, Michigan Credit Union League
734-793-3449