LANSING, Mich. — A number of credit unions in members are providing assistance to members being affected by the UAW Strike, which began in mid-September and which continues to expand.
According to the Michigan league, the relief options include skip-a-pay waivers, modifications to existing loans and new loan products with one-to-three month payment extensions.
Among the efforts, according to the MCUL:
ELGA Credit Union
ELGA Credit Union is providing fee-free loan payment deferment for any worker affected, whether they are a UAW worker on strike or laid off due to strikes, as are many non-union workers at auto parts suppliers. The credit union is also offering personal loans to UAW workers.
“When our members struggle financially, credit unions consistently step up with solutions,” Terry Katzur, CEO of ELGA Credit Union in Grand Blanc, told the league. “We did it during the COVID pandemic when our members were without jobs and we are showing the credit union difference again as a response to the UAW strike.”
LAFCU
Founded 87 years ago to serve employees of Oldsmobile, Lansing-based LAFCU is offering special strike loans of up to $4,000 for 36 months at 8.99% APR, as well as debt consolidation, refinancing options and free credit counseling.
“Our very foundation is forged from the autoworkers, and we will be there for our members through this difficult time,” Kelli Ellsworth Etchison, the credit union’s chief marketing officer and chief diversity officer, told the league.
Astera Credit Union
Astera Credit Union, in Lansing, is offering affected workers specialty "Lending a Hand Loans," payday alternative loans, skip-a-pay fee waivers and one-on-one financial counseling, the league said.
“Astera Credit Union highly values the relationships we have with our members who are also members of a union,” CEO Martin Carter told the MCUL. “We recognize when contract negotiations break down, resulting in decreased earnings for striking members, extreme financial hardship can be one missed paycheck away. Providing consultative understanding and flexibility in assisting members experiencing financial hardship is a cornerstone of what Astera Credit Union does.”
Diversified Members Credit Union
Diversified Members Credit Union (DMCU) in Detroit told the MCUL it is closely monitoring how the strike progresses so it can best serve its membership.
“Helping our members through any difficult time is our priority. We stand with our members on strike and are prepared to help them especially if they are having a difficult time making their loan payments,” said DMCU Chief Marketing Officer Colleen Scott.
Additional Assistance
According to league, many other Michigan credit unions, including Zeal Credit Union, Michigan State University Federal Credit Union and Alliance Catholic Credit Union, are also providing assistance.
“It’s heartening, but not surprising, to see Michigan credit unions step up to help workers during the UAW Strike,” MCUL President/CEO Patty Corkery said in a statement. “Our movement understands how hard it can be to navigate uncertainty and financial hardship, and the assistance they are offering members is indicative of true financial partnership.”
The league has a full list of CUs providing assistance here.