Set up cross-functional response teams with the lead being at the CEO level: Meet on a regular basis to monitor the internal and external environment. CEO/Board should also be communicating on a regular basis via conference calls and online to keep abreast of progress and changing circumstances. CEOs should keep open/ongoing communications with staff, members, and community with updates on how the credit union is responding to the situation. Send out regular video messages from leadership via social media to reassure members and the community that the credit union’s assets are safe during this crucial time. Stay close to members: Be a hero institution to your members by communicating all aspects of the response to the pandemic in terms of what the credit union will be doing to support/ensure services and help members with their potential sudden new financial needs. Create prevention interventions across all member journeys and member team training. Monitor all staff executions/communications. Close branch lobbies to avoid member contact for safety but maintain uninterrupted service for members. Keep drive-thrus and call-centers open with extended hours. Allow members to schedule a one on one meeting if needed. Encourage distance by making digital banking available online and via mobile apps 24/7. Update your credit union’s website for locations and hours and offer resources about virus prevention activities. Respond to member questions on all platforms. Utilize all social media to stay connected with members and the community (Facebook/LinkedIn/Twitter). Offer a toll-free 800 member care number. Reassure members that their money is safe and remind them to beware of scams. Offer members money management tips to cope with the crisis. 75SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,John Vardallas John A. Vardallas CAE, CUDE is Founder/CEO of The AmericanBoomeR Group, a Madison, Wisconsin based speaking/consulting firm. He is also Senior Faculty Advisor/Project Evaluator for SCMS and … Web: www.theamericanboomer.com Details Test and monitor your credit union’s enterprise risk and business continuity plans: Define activation protocols and response scenarios that are relevant to the credit union. Identify variables that affect operational risk, revenue/cost, model cash flows, balance sheets and liquidity triggers. Stabilize the Supply Chain by increasing support of vendor business partners and mitigating any impact. Demonstrate mission/purpose: Use our “people helping people” philosophy messaging of caring for members and the community, which differentiates us – why we do versus what we do for members. Offer emergency personal loans with low/no interest, skip-payment programs, no fee cards, e-docs for mobile devices, and remote transactions. Offer by appointment for members to conduct business transactions at branch drive-ups (apply for loans/open accounts/mortgages/check safety deposit boxes). Offer online financial educational tools and webinars. Practice being a socially responsible institution by contributing to and supporting local organizations like the United Way and food banks that are helping people in need cope with the COVID-19 outbreak.Finally the credit union should be visible in supporting pandemic efforts nationally and locally. The key now will be for your credit union to be seen as a shining light – a safe harbor community financial institution that values and truly cares about members’ financial needs and well-being during the crisis. The Coronavirus or COVID 19 is a human tragedy affecting the world’s population and the global economy. Businesses across the world are responding in several ways to cope with this Pandemic. Our credit unions in the USA and across the planet are no different. We should use this opportunity to be heroic to our members and communities, given the severity of this virus on all of us.I offer these few observations and suggestions as we head into uncharted territory in responding to this unprecedented situation.Protect Employees: Follow CDC guidelines for health and safety in and away from the credit union. Employee safety is paramount. Communicate to employees with specifics and support their needs. Keep the credit union clean and support hygiene by providing hand sanitizer and sanitary wipes at workstations and counters in the credit union. Discourage non-essential travel and cancel large gathering meetings. Practice social distancing and allow staff to work remote from home locations.