HARAHAN, La. –Describing it as an effort to show continued commitment and solidarity with partner credit unions, the Louisiana Credit Union League said it will be distributing COVID-19 rebate payments to its membership.
“A first of its kind in the association landscape, more than 140 Louisiana credit unions will receive rebate payments as they navigate through this unusual time,” the LCUL said.
"Louisiana credit unions are doing everything they can to help their members by waiving fees, offering loan extensions, etc. The league is equally invested in their members and is willing to do our part in good faith. We want our credit unions to recognize that we are in this together," said Bob Gallman, LCUL president/CEO. "The rebate is in line with the league's strategic objective of operating under the same cooperative spirit as credit unions and delivering value back to our membership."
According to the league, the rebates are being made possible due to strong affiliation, exceptional performance and operational efficiencies over the years. Ranging from $300-$2,500, credit unions are set to receive COVID-19 rebate payments as early as next week, the league said.
Assistance in Michigan
Meanwhile, in Michigan where heavy rains lead to the breaching of two dams and the resulting flooding that forced the evacuation of more than 10,000 people, the Michigan Credit Union League and Michigan Credit Union Foundation said they are donating $10,000 each in support of those impacted by the flood. On top of that $20,000, an additional $85,450 has been pledged from credit unions, chapters, executives and other employees. MCUF expects total donations to reach $100,000 to $150,000.
According to the league, Midland-area credit unions and the Mid-Michigan Chapter of Credit Unions are preparing to utilize these donations in the form of grants to be able to help hundreds of families deal with flood damage to their homes.
“In a world that is so divided and angry these days, I know for sure that I can count on the credit union industry to help me see that collaboration and kindness do exist,” said Mid-Michigan Chapter President Bridget Staffileno.
History of Help
The league noted that in 2018, following the historic flooding in the state’s Upper Peninsula, the Michigan credit union community quickly rose to the occasion, showing support for victims with nearly $48,000 in donations. That amount was spread over 59 individual grants, helping victims offset damages incurred by the flooding, particularly severe damages to homes.
“We know this is a financially difficult time, so it isn’t an easy time to ask for donations,” said MCUL CEO Dave Adams. “However, having this flood happen during the COVID-19 crisis means its victims are in an even more precarious situation. It has been heartening to see Michigan’s credit unions recognize this and, once again, step up to show support for their neighbors in need.”