Economic Lessons from the Last Recession for COVID-19

2008 was a time of uncertainty for many Americans. Millions of people lost their jobs due to the housing market crash. Millions more saw their retirements and safety nets disappear.

Faced with a lack of income, Americans had to decide which bills to pay and which to skip. Payments slowly stopped, starting with credit cards. Then, auto payments. Then finally, houses.

All of these directly impacted credit unions. Due to huge losses, credit unions were forced to do the unthinkable: close branches and lay off employees.

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8 FAQs from Credit Unions on How to Respond to COVID-19

The Coronavirus pandemic has officially settled in, but credit unions can expect to deal with the fallout for months. This leads to many questions rolling in on how to keep the wheels turning in your institution.

But there are more questions than answers. How do you know when it’s time to close one of your branches? How can employees work remotely? How do you set up large meetings remotely? What do you do if an employee tests positive for COVID-19?

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