In December 2019, there was a pneumonia outbreak in the city of Wuhan, China. By the end of the month, it was traced to a novel strain of coronavirus and it was later named "COVID-19." By March of 2020, it began to spread through the United States of America and since then we saw many state and federal agencies mandate shut-downs and push for social distancing and quarantines. This has helped in some ways, but for us in the credit union industry, it has created many questions and obstacles.
Oak Tree has been tracking many of these issues and to help aid those in the CU Community we wanted to help put together some resources for the credit unions to better communicate with their members. As we write this it was recently reported that all of the largest credit unions have closed their branches, but they are still finding ways to meet the needs of their members.
It is imperative at this time to better ensure your members have all the information they may need, but this will vary from credit union to credit union, and region to region. We have put together a template to better round up the information you will want to communicate with your members. The best way to handle panic is to be informed, and it is important to help ensure your members are informed so they are confident.
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[JOIN free Webinar] Thursday, April 23, 2020, about social media strategy.
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Important Nationwide Resources ⏬
- CDC on "How to Protect Yourself" from COVID-19
- CDC on "What To Do if You Are Sick" to prevent the spread of COVID-19
- CDC Information for People Who Need to Take Extra Precautions
- CDC listing of State & Territorial Health Department Websites
- World Health Organization's advice on the coronavirus disease
- Google's updated information on COVID-19
- Small Business Guidance & Loan Resources
- John Hopkins Information on COVID-19
- U.S. Department of Labor Information regarding Coronaavirus
- U.S. DOL on Unemployment Insurance Relief during the COVID-19 Outbreak
- Book a member business loan along with the Paycheck Protection Program (PPP)
Important Resources for Financial Needs ⏬
- Here is where you want to ensure you let your members know all the ways in which they can interact with you
- Website and internet contact?
- Phone contact?
- Other ways to contact the credit union?
- What branches are open?
- What branches offer drive-thru or appointments?
- Online banking services offered?
- Credit Union apps? What services are available? Tutorials?
Important Concerns from Members ⏬
- Lost jobs and furloughs and how it will affect their membership or services.
- Mortgage concerns during the coronavirus situation.
- Loan obligations, such as consumer loans or commercial loans
- Access to funds, ATMs, website, smart apps, or contact with the credit union
- concern with foreign or "out of network" ATM fees
- Waived late fees?
- Scam warnings!
- Ways to get involved with the community
Credit Unions, there are many other resources to also stay informed, such as the NCUA, CISA, Homeland Security, CDC Pandemic Preparation, OSHA, HHS, USA.gov, and of course the CDC. During this crisis, you can be sure that Oak Tree is still here to keep your forms compliant and to keep them updated in these turbulent times and ever-changing needs and regulations. Oak Tree is still here successfully experiencing unimpaired operations and plans to continue to do so. During these challenging times, it's important to know that you can rely on Oak Tree as a reliable partner to keep your forms & disclosures compliant & prepared for any new challenges.