LUTHERVILLE, Md.–First Financial FCU said it has been able to provide relief to a membership struggling with the effects of the coronavirus pandemic by paying out more than $660,000 in rebates and dividends for the first quarter of 2020.
“Our members are at the center of all that we do,” said Eric Church, First Financial president, and CEO, in a statement. “That’s why now more than ever, it’s so important that we support them every way we can. We know every little bit helps, especially during these unprecedented times, and our quarterly rewards program is just another way for us to give back to our members.”
First Financial said its checking account holders earned more than $245,000 in checking dividends alone. Members with the Better Rewards checking account earned the highest dividends and were eligible for additional Visa debit card cash rebates. First Financial Visa credit card holders were also rewarded during Q1. Altogether, debit and credit card holders received over $410,000 in cash rebates.
In addition to the first quarter rewards, First Financial said it is offering many additional resources to help members, including loan payment deferrals, increased availability of funds, no penalty early withdrawals from share certificates, and financial education resources.
Michigan Mortgage Relief
In Michigan, the Michigan CU League said it supports the concepts laid out in the MiMortgage Relief Partnership announced by Gov. Whitmer. as a means of providing support to homeowners feeling financial strains during the coronavirus pandemic.
According to the MCUL, it has repeatedly polled its 218 member credit unions and, each time, the data show virtually all credit unions are working with their members for residential mortgage relief, including the provisions advocated by the governor.
The league said it also applauds the counsel given by DIFS Director Anita Fox in her comments, urging “residents who can meet their financial obligations to continue to do so, while those who need assistance can work with their lender to access relief.”
Added MCUL President/CEO Dave Adams,
“While many credit unions have signed on to the MiMortgage Relief Partnership agreement and its intent, other credit unions are not mortgage lenders and instead focus on consumer loans and/or small business loans and are offering these members relief as well.”
Why 1 CU is Participating
Among the CUs participating is Midland, Mich.-based Dow Chemical Employees’ Credit Union, which has joined with other financial institutions across Michigan in providing a three-month mortgage payment relief option to homeowners experiencing financial hardship due to the COVID-19 pandemic.
“No homeowner should have to worry about losing their home during the current public health crisis,” said DCECU President/CEO Michael Goad. “Joining the MiMortgage Relief Partnership was an easy decision for us, as our current mortgage loan relief solutions were already formulated to care for our members during this challenging time, in the same spirit of this partnership.”
While the U.S. Congress enacted relief only for federally backed mortgages, DCECU said it wanted to offer broad mortgage loan relief to those financially impacted by the coronavirus and is offering to defer three monthly mortgage loan payments to members impacted by COVID-19.
How Program Works
Members must contact DCECU and request to be a part of the credit union’s mortgage payment relief program. Those who opt in will receive the following benefits during the three-month deferment period:
- Monthly mortgage payments will not be required, although interest will continue to accrue
- Late fees will be waived
- Mortgages will not be reported adversely to the credit bureaus
- DCECU will not initiate foreclosure for at least 90 days
Prior to signing on to the MiMortgage Relief Partnership, DCECU said it had already helped many members via a variety of customized solutions to grant increased access to cash, reduce fee impact or potentially extend loan payments.