When the state-mandated shutdowns started last March, Skyler Fort, a painting contractor in northern Michigan, turned to his local credit union, 4Front Credit Union, for a PPP loan.
When you practice the credit union motto of “people helping people,” your day doesn’t end at 5 p.m. I spend most of my evenings speaking with small business owners, in a socially distanced environment, advising them on different strategies to help them continue to meet payroll and handle other operational expenses amid the COVID-19 pandemic.
The Independent Community Bankers of America (ICBA) launched a campaign on Monday aimed at ending the “risky practices, costly tax subsidies, and irresponsibly lax oversight” of credit unions. The campaign has drawn criticism from the Credit Union National Association, which issued a statement refuting many of the ICBA’s claims.