Payment Industry Insider

Ahh. It sounds wonderful, doesn’t it? After a long bout with an illness or a serious injury, who wouldn’t like to look forward to the advent of recovery? It beats the alternative, which would essentially be death.

So, what does this have to do with credit unions – recovery? I mean, is there an issue?

Well, in a word, yes! Members! They’re consumers and they’re hurting – at the gas pump, in the grocery store check out line, essentially all over. They’re hurting; they want some relief; they are looking for some solutions; many don’t even have recovery on their radar.

Credit unions, since members are the driving force behind your business, if they’re hurting, the credit union hurts, too.

So how do you overcome this? How do you help them in recovery?

I think it starts with being what you’ve always been, a credit union. You help people! A place to start might be with small businesses. I read in a recent CUNA News Now article about how the credit crunch has hit the small-business sector. And guess what, banks have tightened their lending standards (at least 52% of them have).

Small businesses have played an integral role in past economic recoveries by creating new jobs. Credit unions, what are you waiting for? Do what you always have done. Help people!