Credit Unions & COVID-19 Solutions

COVID-19 Resources for Credit Unions

Helping Families in Financial Crisis

Credit unions and CDFIs serve vulnerable consumers. It's essential for families to learn how to find help during the COVID-19 crisis. We created a survival guide with practical tips.

 

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What should families know? 

Many consumers don't know what a credit union is. What is a CDFI? Most haven't needed to learn about debt traps and predatory lenders which target families and businesses in crisis.

Credit unions and CDFI's may download the guide or request an editable copy of this template to teach consumers:

Tips for Consumers 

 

  • What to do about difficulty paying rent.

  • How to access emergency cash.

  • Keeping the cash you have now.

  • Protecting your credit score.

Essential Lessons

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  • Why a not-for-profit credit union will help in ways banks will not.

  • What is predatory lending?

  • What is a CDFI?

  • Locating credit unions & CDFIs.

  • How to ensure missed payments aren't reported to the credit bureau improperly during COVID.

Interagency Guidance on Loan Modifications

On March 22, The Board of Governors of the FRB, FDIC, NCUA, OCC, CFPB, and the State Banking Regulators are issued an interagency statement to provide additional information to financial institutions who are working with borrowers affected by the COVID-19.

Download the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus

CU Strategic Planning | 535 Dock Street, Suite 209 | Tacoma, WA 98402 | (253) 200-0418