Business View Magazine l January 2023

118 BUSINESS VIEW MAGAZINE VOLUME 9, ISSUE 12 question is, do we want to have a voice in that decision making process? If we, as a movement, are not advocating for our position, for our membership, for our institutions in this process, someone else will with or without our input. DAKOTA CREDIT UNIONS SUPPORT MEMBERS AND COMMUNITIES THROUGH TIMES OF UNCERTAINTY. The Dakota Credit Union Association began gathering information from our member credit unions almost as soon as the COVID19 pandemic hit and continued to seek feedback over the following months through surveys, personal contacts, and by monitoring social media. We were not surprised by what we found, but we can clearly say how proud our association is of our Dakota credit unions’ outstanding efforts to continue to serve and assist their members, staff, and their greater communities throughout the crisis. Almost from the start, Dakota credit unions realized that many members and staff would be facing financial hardships during the pandemic. One of the first steps credit unions took was to loosen restrictions on money that people had already managed to save through Christmas savings accounts and certificates of deposit. By removing penalties for early withdrawals, members were able to use their money whenever they needed it. In addition, most credit unions offered payment extensions or “skip a payment” options and loan modifications during this time without additional fees. Many credit unions offered low interest hardship loans and waived common fees such as ATM charges, balance inquiry fees, loan application fees, low balance/activity fees, and late fees. Some offered stimulus advances while people waited for the COVID assistance Jeff Olson, President The Dakota Credit Union Association began gathering information from our member credit unions almost as soon as the COVID19 pandemic hit and continued to seek feedback over the following months through surveys, personal contacts, and by monitoring social media.