NEWS

Credit Unions are imposing regulatory changes necessary to help 100,000 members who have lost income due to Covid-19

Michaela O'Dea

Reporter:

Michaela O'Dea

Email:

news@waterfordlive.ie

Credit Unions are imposing regulatory changes necessary to help 100,000 members who have lost income due to Covid-19

People First Credit Union.

Credit Unions are imposing regulatory changes necessary to help 100,000 members who have lost income due to Covid-19.

The Credit Union Development Association (CUDA) have been quick to say that putting members first is at the heart of the credit union mission and never has this been more important than now. 

CEO of CUDA Kevin Johnson stated that they "have a range of options in place for when borrowers experience difficulties such as reduced payments, interest only, payment freezes and loan extensions."

There is no time scale for these new crisis measures. Credit Unions have been fielding calls with a 400% increase in communication with customers regarding loan repayments and flexibility. 

Due to the volumes of people trying to get in contact with Credit Unions across Ireland, the organisation have created a web forum for their member credit unions. According to Johnson, this forum can be used "by those financially impacted by the COVID-19 containment measures, and who are deemed to be in “pre-arrears”. This is an easy to complete form designed to help its 50 credit unions with prioritising the sequence of call backs."

The Irish economy is experiencing a tumultuous period, with the results expected to be worse than the 2008 recession. Over 400,000 people have been made redundant or temporarily out of work due to the virus, and therefore require support from both the government and their local financial bodies.