Page 9 - Michigan Credit Union League: CU Impact Report
P. 9
FALL 2020 CREDIT UNION IMPACT REPORT 9
cases, offered members the opportunity to defer have their payments waived, they needed time
payments for a period of time without penalty or to evaluate and adjust budgets to align with the
fees. This allowed a flexibility that relieved stressed for sudden change in their household income.
many members during an uncertain time.
“As the pandemic started to affect Michigan, our
“Our members are the reason we are such a strong team began proactively calling members,” said Salvi.
organization. We exist to help them achieve their “The goal, as it always is with the team, was to talk to
financial goals in good times and during the most our members, understand what relief they needed
challenging of times,” said Wier. “The pandemic has and see how we could work together to prevent
been an opportunity for United to step up and put them from experiencing financial hardship.”
our values into action. We wanted to develop an
approach which would allow our members to focus The credit union was able to work with them to
on staying healthy and safe and to slow the spread of provide forbearance options, rate modifications or re-
COVID-19, not to worry about how to make their next amortize remaining loan balances.
loan payment.”
“We understand that we have the potential to change
In turn, by offering these relief options, the credit our members’ lives for the better or worse,” said
union develops long-term relationships, earning Community Choice Member Solutions Manager
members’ trust that they have a financial partner Krystle Sheardown. “Proactively reaching out to
to count on. see who needed a little extra help was the most
important thing we could do at a time when our
Realizing You Have the Potential to Change members needed us most.”
Members’ Lives for the Better
Community Choice Credit Union Organizational As an industry, credit unions are committed to
Communications Manager Molly Salvi said the offering members the financial products and
members that reached out to the credit union services they need to achieve their goals. In order
understood the importance of making their monthly to do so, they need to be able to be willing to listen,
mortgage payment and, adapt and tailor offerings to meet members where
rather than looking to they are. The COVID-19 pandemic necessitated
Michigan credit unions to do just that.
“When times are good, our members know that we
are here for them,” continued Salvi. “Being there
when they expect it least is what builds trust and
loyalty and demonstrates that our promise to
them — that together, we’ve got this — is
genuine.”
More than 300
homeowners
avoided foreclosures
