A fundamental principle of the credit union sector is ‘people helping people’. The COVID-19 health crisis, with its associated social lockdown and economic shocks, has presented operational and commercial challenges to credit unions that go way beyond previous experience. Credit union members are having to cope with social distancing and sometimes isolation, as well as potentially reduced income or unemployment.
In this podcast we hear some of the testimony of those credit unions and the challenges met by British credit unions. CFCFE published a well-received report on the response of British credit unions to Covid-19 earlier in May 2020 and have also produced the second paper in the series, on the response by Irish credit unions, which you can view and download on the CFCFE website https://www.cfcfe.eu/
A comparison of the two reports reflects differences in credit union business models and their social and commercial environments as between Ireland and Britain. But it it also shows the huge similarities in how the credit union ethos of 'people helping people' has, in both countries, manifested itself in exceptional service to members and their communities in a time of grave crisis.
Thanks to the credit unions and credit union support organisations -- both CFCFE members and non-members -- who contributed their stories for this podcast.
Talking Credit Unions with Chris Smith is a regular podcast dedicated to informing credit union practitioners, leaders and opinion formers on variety of industry topics. To contact Chris Smith, smithowls@gmail.com