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Tower Federal Credit Union President and CEO Rick Stafford, Arkansas Federal Credit Union President and CEO Rodney Showmar, and NAFCU President and CEO Dan Berger Wednesday discussed the impact the coronavirus has had on credit unions and their members, how institutions have responded, and what trends they expect to see as recovery begins.

NAFCU Executive Vice President and COO Anthony Demangone moderated the virtual town hall. For those not able to join live, it is available on-demand. This program is offered at no cost thanks to Gallagher.

A key theme of the discussion was the difference credit unions can make in members' lives, especially in times of need, as a result of the relationships and trust they've built. Showmar shared how Arkansas FCU called members directly when the pandemic began to see how they were doing and what assistance the credit union could provide, such as payment deferrals and more.

The trust, empathy, and care credit unions demonstrate to their members and communities is what gives the industry a competitive advantage in the financial services industry, Stafford said.

In addition to sharing ways credit unions have supported members during this time, Berger, Showmar, and Stafford also discussed:

• trends in lending portfolios to keep an eye on, including credit cards and commercial loans;
• small business lending and the Small Business Administration's paycheck protection program;
• stress testing to stay prepared for crises and recover effectively;
• investment in technology to support work from home policies and new products for members, such as contactless cards, online loan applications, card-less ATMs, online financial literacy programs, and more;
• trends in debit and credit transactions;
• how to handle liquidity challenges and an influx in deposits;
• operating in a low-interest rate environment and still grow;
• transitioning to remote work while maintaining culture to stay focused on extreme member service; and
• areas credit unions would still like to see relief, including the current expected credit loss (CECL) standard, capital requirements, and examinations.

NAFCU is committed to ensuring credit unions have the resources and flexibilities needed to provide uninterrupted services and needed products to members amid the pandemic. The association remains active on Capitol Hill, working with lawmakers, the administration, regulators – including NCUA and CFPB – and other agencies to address the industry's needs.

All NAFCU's coronavirus resources can be found here. Stay tuned to NAFCU Today for the latest developments.