Coronavirus shutters credit unions’ in-school branches
One of the biggest impacts of the coronavirus could have a trickle-down effect on credit unions.
Officials across at least seven states – Maryland, Michigan, New Mexico, Ohio, Oregon, Virginia and West Virginia – have ordered school closures due to the coronavirus pandemic. Several highly populated urban areas such as San Diego, Denver, Seattle and others have also shuttered schools. As a result, many credit unions’ in-school branches in those areas won’t be operating during school closures, and financial literacy courses – which are sometimes designed alongside credit unions – many not be available to students.
With schools closed, some credit unions are inviting student tellers into other branches to work and learn until regular classes resume.
Learning opportunities for those within the industry also continue to be put on hold.
Continuing a trend seen over the course of the last week, Friday saw more industry events shuttered, this time stretching all the way into May.
The National Credit Union Administration will hold its monthly board meeting on Thursday, March 19, but unlike most months the meeting will be closed to the public, according to an agenda posted on NCUA’s website.
The National Association of Federally-Insured Credit Unions, having already postponed one event, moved Friday to call of its Board of Directors & Supervisory Committee Conference, slated for April 27 – 30 in San Francisco. The trade group’s CEOs and Senior Executives Conference in Palm Springs, scheduled for May 6-8, was also canceled. It is believed to be the latest credit union event to be cancelled thus far.
Similarly, the Cooperative Credit Union Association, which serves CUs in Massachusetts, New Hampshire, Rhode Island and Delaware, has cancelled all in-person meetings until at least May.
Other industry events, however, are still moving ahead. Organizers of this summer’s CU Leadership Conference in Las Vegas said Thursday they currently have no plans to reschedule the event, while the annual Credit Union Cherry Blossom 10-Mile Run and 5k Walk/Run is currently still expected to take place on April 5 in Washington. However D.C. officials have called off various running events through the end of March, and in an online statement organizers said that if that ban is extended it will mean a last-minute cancelation of the race. The Credit Union SacTown Run in Sacramento, Calif., scheduled for the same day, is also still expected to take place.