Fortunately the industry is well capitalized overall

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Fortunately, the industry is well-capitalized overall and there is an ample equity cushion in the Share Insurance Fund (SIF). Although there will not be a distribution from the SIF this year, the NCUA is unlikely to charge a premium assessment in the near future. Operational considerations are paramount. Credit unions are in the people business, and there is nothing more important than their members and the hard-working staff members who serve them. Many credit unions have unfortunately had to deal with the effects of natural disasters in recent times, but the threat of the coronavirus may introduce some unique problems. The FFIEC released some operational guidance for financial institutions to consider. NAFCU also has a dedicated webpage with coronavirus-related resources. While there will undoubtedly be challenges ahead, credit unions have faced down greater ones in the past and will surely do so again in this instance. A couple of qualities that set credit unions apart from profit- motivated institutions are their focus on member service and their united spirit with fellow credit unions. There will be unique opportunities to provide for the needs of your members and, as you do so, to share those experiences with other credit unions who are in the same situation. NAFCU has a growing list of networks to help connect you with other credit union professionals. And as always, NAFCU is here to assist in any way that we can. 3. 1. 2. 3.
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