Insights from Catalyst

As credit unions settle into the new COVID-19 operating world, credit unions are working hard to help their members. One avenue credit unions are actively pursuing to help their members is loan refinancing. And to no one’s surprise, mortgage refinancing activity is especially strong.

The current pandemic crisis will continue to generate contrasting scenarios for the year ahead, requiring a more robust liquidity and interest rate risk management process – one that now accounts for the best but prepares for the worst. Now more than ever, it’s important that credit unions examine their balance sheet from every angle to ensure they’re effectively managing their liquidity needs.

Consumers today know what they want, and they research and shop around to find the best deal for the best value. Your members are doing the same. And with member expectations at an all-time high, credit unions should be proactively aligning with their members' needs. One key to doing that, and in turn, building loyalty, is observing member behavior through data analysis.

A $2 trillion stimulus measure, approved by Congress and signed by President Trump on March 27, aims to relieve the severe economic agony brought on by the COVID-19 pandemic. The stimulus will sweep broadly across the U.S. economy, reaching nearly every segment, but how it will affect credit unions may vary widely – based on their differing memberships. However, nearly all credit unions should be thinking about some general considerations during these unprecedented times.

In a short amount of time, the entire country has had to start adjusting to the “new normal.” In preparation for unforeseen circumstances such as this, most financial institutions have published a disaster recovery plan, as well as a pandemic plan. As organizations transition to remote work environments, they’re facing a new set of challenges and considerations.