By Ray Birch
PALM COAST, Fla.—Credit unions have historically played a strong role in the financial education of members, but the economy has changed over the past year and so, too, must the way CUs respond to the needs of members now, a variety of experts have told CUToday.info.
What hasn’t changed—in fact it’s become more critical—is the need for that education as more members struggle to make ends meet.
To help credit unions better respond to members’ needs, CUToday.info has been running a series of stories that address what experts in the financial education field believe credit unions must do to educate members with a recession likely ahead—amid consumer balance sheet problems already created thanks to high gas prices and soaring inflation.
To give CUToday.info readers a better overview of that reporting, below are links and story summations to help readers do the best job they can in meeting changing member needs.
CUs Must Brace For Trouble Ahead, Says CEO
LANSING, Mich.—Credit unions need to do more than just offer robust financial counseling to help members brace for trouble that lies ahead—they also need training materials that can be measured while holding members “accountable,” according to one CEO.
CUs Know Who Has 'Bull's Eye On Their Backs'
MADISON, Wis.—The blame is squarely on the shoulders of credit unions if they don’t step up now to offer targeted financial education and services to help the struggling segments of their membership that will be hurt most by an economic downturn, says Maurice Smith.
Why CU Financial Counselors Are Shifting Focus
TACOMA, Wash.—It may be time for financial counselors at credit unions to shift gears, tabling discussions about longer-term wellness goals with members to instead focus on new and looming economic challenges.
CU Offers Financial Wellness 'Gyms'
LOWELL, Mass.—One credit union says while physical fitness centers can be found across the country, no financial wellness “gyms” have emerged to keep Americans in sound financial shape—so it has introduced one of its own.
You've Heard the 'Talk.' Here's How to 'Walk'
WASHINGTON–A quartet of credit union CEOs have shared some strong positions and challenges around financial wellness, including that CUs can’t claim to own the issue without data to support it, that saying “no” to a loan app must be accompanied by an opportunity to later say “yes,” and that inevitably another recession is coming and CUs must be prepared to respond to the communities most affected—because members expect them to.
How One CU Is Improving Outreach
METAIRIE, La.—Providing financial counseling to the underserved is nothing new for credit unions, but using artificial intelligence to do so more effectively certainly is, says Judy De Lucca.
CU Recognized For Exceptional Service, Financial Ed
SAN ANTONIO—To effectively serve military members, credit union staff must do more than put themselves in servicemembers’ boots—they have to become a greater part of the military culture and speak their language, says Danny Sanchez.
Better Understanding a Basic Member Need
MADISON, Wis.—It’s time credit unions occasionally shut down their branches for an hour and take staff into their communities—including riding the bus—to understand the real-life issues their underserved members are facing.
Unique Solution Lowers Monthly Payment
WILLISTON, Vt.—New England FCU has introduced a unique new mortgage program that seeks to overcome the biggest hurdle facing many homebuyers, particularly low-income buyers: the lack of down payment.
Time To 'Triple-down' on Financial Wellness
MADISON, Wis.—With rising inflation, stock portfolios struggling and a possible recession looming, Gigi Hyland believes it’s time for credit unions double or even triple-down on financial wellness efforts to help get members ready for that next “Mack truck of life.”