Rhode Island Banks, Credit Unions Working Together

CCUA, RI Bankers Offer Advice To Businesses, Consumers

Keith Griffin

March 20, 2020

Normally, banks and credit unions aren’t natural allies. The coronavirus, though, has changed that in Rhode Island.

The Rhode Island Bankers Association (RIBA) and Cooperative Credit Union Association (CCUA) announced a collaborative effort on behalf of their customers, members and communities, to publicly reinforce the safety,security and reliability of financial services throughout the state.

In announcing their partnership, both groups highlighted several key features about banks and credit unions across the state:

  • Out of an abundance of caution, banks and credit unions have activated their business continuity plans to mitigate the impact of the pandemic and to keep customers, members and employees safe. Consumers will continue to have access to their accounts and any services they may need.
  • While some financial institutions are using drive-through services to “flatten the curve” and protect the health of both consumers and employees, staff is still available to serve customers.  
  • Member institutions are well capitalized and financially strong. Deposits are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA).
  • Government programs and assistance will be increasing in the days ahead.  Rhode Island Governor Raimondo’s application for the Federal Economic Injury Disaster Declaration was approved, thus providing SBA low-interest loans for Rhode Island small businesses for working capital to fund operating expenses.

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