LAHAINA, Maui–In response to the devastating fires in Maui, emergency loans are being offered, NCUA said its examiners are working with affected credit unions, and fundraising efforts are underway.
Maui County FCU and Valley Isle Community FCU have closed their Lahaina branches.
Maui County FCU said it is offering temporary two-to-three-month loan payment deferrals for those affected by the fires, and also offering disaster assistance loans.
MCFCU noted its Kahului and Wailuku branches are open and accepting monetary donations, as well as emergency relief supplies of non-perisable food, bottled water and drinks, baby items, toiletries, pet supplies, tents, sleeping bags, generators and clothes.
Similarly, Valley Isle Community FCU is also acceting similar donations at its other branches.
Emergency Financial Assistance
Honolulu-based Hawaii State FCU said it is now offering an emergency financial assistance program for its members affected by the Maui wildfires. The credit union, which has two locations on Maui, reported it has also launched a virtual fundraiser to encourage donations to the Maui Food Bank from its employees, credit union members and the general public.
“Our thoughts remain with the Maui community and those who have suffered any loss as a result of this devastating tragedy,” Andrew Rosen, president and CEO of Hawaii State FCU, said in a statement. “We are committed to supporting the recovery efforts and will be helping in any way we can through donations to the Maui Food Bank and by offering emergency financial assistance to our members in need. We understand the difficulties many members are facing and we are fully committed to helping them navigate these unimaginable challenges.”
Hawaii State said its Emergency Financial Assistance Program includes loan payment deferrals, low-rate personal loans, and waived early withdrawal fees for term shares.
Hawaii State FCU further reported it has launched a Virtual Food Drive with a campaign goal of $100,000. The credit union has donated $50,000 to the Maui Food Bank and is asking its vendor partners, members, employees and the general public interested in supporting the Maui community to help them reach this fundraising goal.
Donations can be made at https://fundraise.givesmart.com/vf/HSFCU.
NCUA Monitoring Situation
NCUA said it is monitoring the situation closely and has resources available to help affected credit unions.
The agency said its examiners have been working to stay in contact with credit unions in Maui County, determine their status, and offer assistance as needed, and is reminiding credit union staff to keep in contact, if possible, with local authorities. Credit unions needing assistance should contact their regional offices.
In addition, NCUA said it will, when necessary:
- Encourage credit unions to make prudent loans with special terms and reduced documentation to affected members;
- Reschedule routine examinations of affected credit unions;
- Guarantee lines of credit for credit unions through the Share Insurance Fund; and
- Make loans to meet the liquidity needs of member credit unions through the Central Liquidity Facility.
Grants Available
NCUA reminded that low-income-designated credit unions affected by declared local, state, and national emergencies can apply for up to $7,500 in Urgent Needs grant assistance to repair damage or restore services to members.
Other Fundraising
The National Credit Union Foundation said it is working with the Hawaii league to coordinate relief for those affected by the fires. The foundation said its CUAid disaster relief program is active and processing disaster relief grants in conjunction with the Hawaii CU League.
As CUToday.info reported earlier, the Hawaii league has made a $10,000 donation to begin assistance to victims of the wildfires on Maui and is in discussions over what it can additionally do to help credit unions, members and the community.
The Hawaii league said it is working with its Valley Isle Chapter to coordinate monetary donations. Monetary donations can be made to: “Valley Isle Chapter – HCUL” and sent to:
Valley Isle Chapter
C/O Valley Isle Community Federal Credit Union
160 Paahana Street
Kahului, HI 96732
Support from Rochdale/VLI
In addition, Rochdale and its Volunteer Leadership Institute, which annually host a meeting in Hawaii, including this year on Maui not far from Lahainia, has contacted credit unions that participate in the meeting and encouraged donations to the NCUF’s CUAid program.
“While individual contributions might seem small, collectively, our efforts can be monumental,” Rochdale said. “Through our combined acts of kindness, we have the power to mend broken spirits, rebuild shattered lives, and exemplify the essence of people helping people.