HOUSTON–Credit unions in Texas and other states hit hard by the recent frigid weather have begun to offer various relief programs for members.
Among them: Harris County FCU. The $194-million HCFCU is offering a variety of options to help members affected by Winter Storm Uri, which led to millions losing electricity and damage to homes. Approximately one-million people are still without water, and countless others have seen damaged pipes in their homes and the resulting freezing.
In its case, Harris County FCU is offering:
- Emergency Assistance Loans up to $1000. Loans must be paid back within 12 months and payments set up for autopay or payroll deduction. Loans are available at the member’s current qualifying rate and accessible over the current maximum unsecured limits.
- Freeze Relief Loans available to members who need to cover more significant expenses, such as insurance deductibles or more extensive repairs, which are not covered by insurance, for up to $5000. The standard qualifying rates will be discounted by 2%. The loan term may not exceed 36 months, and standard underwriting criteria apply, HCFCU said.
- Skip-A-Pay: A one-month payment extension will also be available on eligible loans.
HCFCU said members must act by March 31 to take advantage of the special offers.
Help for CU Employees, Board Members
Meanwhile, for credit unions themselves, the Cornerstone Foundation, Plano, Texas, said it has disaster relief grants available to help CU employees and board members impacted by the storms.
“In times of crisis, the Foundation is here to help our credit union employees and board members get back on their feet so they can be there for their members,” said Foundation Executive Director Courtney Moran in a statement on the Cornerstone CU League site. “Disaster relief grants can help them do just that, and we encourage those affected to seek the assistance they need.”
The Cornerstone Foundations said it is requesting contributions to its disaster relief fund.