Survey results quantify positive impact of LSCU member CUs during COVID pandemic

A recent survey conducted by LSCU shows that credit unions in Alabama, Florida and Georgia continued to work tirelessly to help members through the financial realities of the COVID-19 pandemic through the end of 2020 and into 2021.

LSCU surveyed our member credit unions in all three states in December. The results – which were collected Dec. 14 – quantify the ways in which the states’ credit unions have helped consumers through this uncertain time. These results have been shared with policy makers as well as members of the media.

With 32% of credit unions responding, LSCU’s surveys yielded impressive findings.

“This was a trying year for everybody – but credit unions in Alabama, Florida and Georgia worked hard throughout this unprecedented time to help their members afford their everyday lives,” said Patrick La Pine, CEO of LSCU. “At the League, we are so proud of the efforts of our member credit unions. I’m proud to be able to spread the word about the good work you all have done during the COVID-19 pandemic and beyond.”

The LSCU’s COVID-19 Member Engagement Survey found the following:

• Credit unions in Alabama, Florida and Georgia have granted at lea
• st 2,715 mortgage loan forbearances and extensions for a total of $306 million.
• Credit unions in the three states have granted at least 366 commercial/business loan forbearances/extensions for a total of $129 million.
• Credit unions in the three states have granted at least 41,306 consumer loan payment extensions for a total of $467 million.
• Credit unions in the three states have granted at least 3,283 SBA Payroll Protection Loans that are SBA approved/guaranteed for a total of $140 million.
• Credit unions in the three states have granted at least 2,463 low-rate emergency loans for a total of $4.8 million.
• Credit unions in the three states have granted at least 24,128 fee waivers for a total of $375,941.
• Credit unions in the three states have donated at least $338,349 and 1,195 volunteer hours to 134 charitable organizations.

We know these numbers are evolving throughout this crisis. LSCU’s Communications Department plans to send another COVID-related survey to our member CUs in the spring. We’d appreciate your feedback on this important topic so we can help tell the story of how you help members afford life every day.