Main Street Matters Blog

It’s no surprise that community banks have been financial first responders during the coronavirus pandemic. Their mission, vision and commitment to community is well-known, but research reveals the true extent of their impact.

With U.S. consumers paying approximately 15 billion bills valued at $4 trillion annually, nearly 30 percent of all consumer spending comes in the form of bill payment. This market presents significant opportunities for community banks.

Crisis response is not a new concept for community banks that have weathered economic recessions, natural and man-made disasters, and previous pandemics—all of which presented unique challenges that tested the industry’s resiliency and provided valuable lessons

The SBA and Treasury Department just publicly released loan-by-loan information about Paycheck Protection Program loans, as they said they would on June 19.

Given today’s competitive labor market and rising employee expectations, finding the right talent for your bank can be challenging. So, why not look internally and focus on the human capital that you already have?

While we have never before experienced anything quite like COVID-19, we can identify a bright spot: community banks rising to serve the needs of their communities.

Literally overnight — the night of March 26 — community banks answered the call to support small businesses fighting to survive COVID-19. In that one day, 3,700 institutions became new Small Business Administration lenders to support the Paycheck Protection Program.

With irrefutable evidence that the United States is in a recession, zealous market watchers are now searching for clues as to its size and scope. At ICBA, we took the liberty of crunching the numbers in search of some answers, and our conclusions point to a short, sharp, and spotty recession.

As ICBA’s Executive Brief on digital wallets demonstrated, consumer use of digital payments technology is increasing due to the convenience and speed these options offers. The same rings true when exploring digital payments apps.

As we continue our relentless focus on customers in need, we must not let our guard down in continuing to urge Congress, the agencies, and the public to “wake up” to an overly-opportunistic credit union industry.