ST. CHARLES, La.–With more than 350,000 people without power and widespread damage, credit unions in southern Louisiana are starting the week assessing damage to their operations and their members following Hurricane Laura, remnants of which hit the northeastern U.S. over the weekend.
In California, meanwhile, credit unions and their members are again facing damage, evacuations and more as the result of wildfires.
In Southwestern Louisiana, the hurricane killed at least 12 people in Louisiana with the strongest winds to hit the state since the mid-1980s. The power company Entergy Louisiana issued a statement on Saturday saying power could be out for some people for weeks to come, meaning hot and humid summer conditions will only be made worse for those lacking air conditioning.
The Louisiana Credit Union League and its foundation are making available Quick Cash Grants for any credit union employees in need. Applications for funds must be submitted by the CEO of the credit union at which the affected employee(s) are employed and are to be used to help with “extraordinary expenses.”
The new CEO of CSE FCU, Matt Koch, posted a message on the credit union’s site saying the CU s currently assessing its branches and collecting information regarding the status of its staff members.
Processes to be Announced
“We have all sustained some sort of damage to our personal and professional lives and our thoughts and prayers go out to SWLA during this time,” said Koch. “As in past disasters, we want you to know we will be announcing processes and ways to assist our members during this time of your greatest need, whether it’s regarding insurance reimbursement checks, payroll deposits, payments, or debit card needs.
Please visit our Facebook page or Website for operational updates along with instructions based on credit union networks and phone call centers set up to help with your questions or needs.”
CSE said it had extended online and mobile support available from 7 a.m. to 1 a.m. daily.
Other credit unions in southwestern Louisiana indicated they had closed branches and would be making announcements regarding reopenings.
California Wildfires
Meanwhile, credit unions across California continue to deal with wildfires in multiple areas. In Northern California, the California and Nevada leagues said its survey of credit unions in certain markets found staff being evacuated from their homes and the closure of branches due to mandatory evacuations or hazardous air quality.
The leagues reported it found:
- Travis CU in Vacaville, Calif., is being impacted by the LNU Lightning Complex fires, the second largest in California history, and is now accepting donations to its Foundation to bring immediate financial assistance to the victims, firefighters, and communities. The credit union is covering administrative costs, so 100% of all donations will go directly towards supporting recovery efforts. “The wildfires are taking a massive toll on our communities and residents of Solano, Yolo, and Napa counties,” Travis CU CEO Barry Nelson was quoted by the leagues as saying.
- Staff at Bay Federal CU in Capitola, Calif., which has been impacted by the CZU Lightning Complex, Carmel, and River fires, has been raising money to purchase supplies for those in evacuation shelters. Others donated items to the animal shelters; one delivered ice cream to those staying at the Santa Cruz County Fairgrounds; one administered a Facebook group providing critical information to San Lorenzo Valley residents; while still others provided cash donations for fire relief efforts, the leagues reported.
- Patelco CU in Pleasanton, Calif., has activated its Disaster Relief program for those affected. The program includes: an immediate $500 personal loan at 0% interest for up to one year; waiver of early withdrawal fees on any share certificates; reimbursement of any ATM fees for non-network ATM withdrawals; reversal of NSF or late fees; and low-interest loans at 5% APR for loans up to $10,000 (five-year term). It is also offering payment deferrals on most existing loans in good standing through Nov. 30, 2020, the leagues said.
- Redwood Credit Union in Santa Rosa is once again providing special loan assistance programs for those impacted by the fires and evacuations as well as hotel rooms for any evacuated employees in need. It has posted resources as well as insurance information on its website to support evacuees and the insurance department mobilized to field an influx of calls about evaluation support, as well as rental insurance for those in warning zones. The credit union was forced to close one branch for several days due to the fire. Redwood CU has also arranged for finance expert Jean Chatzky to host a webinar for members and others in the community called “Finding Financial Resilience in Uncertain Times.” The virtual event is Sept. 9 at 6:30 p.m. and will be made available on YouTube after the event, for broader reach.
- According to the leagues, Firefighters First CU is working with members directly impacted by the fires (where their house is either destroyed or uninhabitable). It is offering emergency relief loans of 0% for 6 months; construction loans—with interest-only payments during construction; and loan extensions. The credit union has a partnership with BALANCE for free counseling on how to manage the financial impact of the disaster and its Firefighter Insurance Services (FIS) will review insurance coverage and help with next steps—even if not insured through FIS, according to Senior Vice President Marketing Kelly Ramsay.
- Firefighters First CU’s charitable arm, the Fire Family Foundation, supports all firefighters who have lost their home even if they are not a member of the credit union. So far, the Foundation has provided Command Centers with disaster relief fund gift cards each loaded with $250 for emergency purchases as well as comfort care bags filled with blanket, small notebook and pen, emergency sleeping bag, and toiletry bag with soap, comb, shampoo/conditioner, hand sanitizer, razor and shaving cream and toothbrush and toothpaste, according to the leagues.
- First Financial CU is providing an emergency loan program for members affected by the wildfires.