Page 8 - MCUL: 2020 CU Impact Report

8 CREDIT UNION IMPACT REPORT SPRING 2020

PROVIDING

FOR THOSE

IN NEED

Credit unions pride themselves
on being a pillar of the
community — an institution
that its neighbors can count on
when times are tough. In 2019,
Michigan credit unions proved
how dependable they were
throughout the year, including
during two occasions that put
many Michiganders in potentially
stressful financial circumstances.

Senator Debbie Stabenow joins the 2019 GM employee strike.

The first was the General Motors (GM) employee
strike, which began on Sept. 15 and lasted until Oct.
25. While nearly 50,000 workers were demanding
increased pay and health benefits, they went without
regular pay for more than a month. And though we
now know when the strike ended, those on strike
had no idea, day to day, when it would end — when
their next regular paychecks would resume.

Credit unions didn’t wait to reach out to members,
acknowledging the potential stress brought on by the
strike and how they could help, such as the letter that
Financial Plus Credit Union sent to its members. In it,
President/CEO Jill Reno wrote, “We sincerely care about
you and your financial well-being. We understand the
impact the recent UAW strike against General Motors
could be placing upon you and your family.”

Likewise, United Financial Credit Union sent out a
communication that said, “We put our members
first and we know that some members might be
experiencing financial strain,” before listing all
available options for its membership.
The other financially stressful situation that credit
unions responded to in 2019 was the holiday season,
an annual occurrence that can affect everyone,
whether it’s through anticipated costs, like heating