SANTA ROSA, Calif.–The list of credit unions offering assistance to members affected by the coronavirus continues to expand, with Redwood CU donating more than $800,000 to support its communities.
Redwood CU is distributing the $800,000 across 45 nonprofit organizations in Lake, Marin, Mendocino, Napa, San Francisco, and Sonoma counties in California.
The credit union said the grants will serve the most pressing needs of vulnerable populations in one or more of RCU’s core funding priority areas of:
- Food and housing security (basic needs)
- Health and financial wellness
- Education and workforce development
“We know people are struggling right now because they have lost jobs or had hours reduced, and don’t know how they’ll make ends meet,” said Brett Martinez, president and CEO of Redwood Credit Union. “We hope these grants make a difference in helping our nonprofit partners who are working hard to meet a significant surge of need due to this crisis.”
In addition to the grants, RCU said it is also honoring dozens of sponsorship commitments for fundraising events that have been cancelled due to the need for social distancing.
“Nonprofit organizations rely on event proceeds to fund core programs and keep the lights on,” says Matt Martin, senior vice president of community and government relations. “We understand the impact of these cancelled events and want to do our part to make sure these organizations can continue providing vital services to our community.”
RCU is also posting frequently updated information and resources for their members and the community at redwoodcu.org/coronavirus.
A list of these grantees is available on RCU’s website at redwoodcu.org/nonprofit-grant-recipients.
What New Mexico's CUs Are Doing
The newest CUs added to the list compiled by CUToday.info include credit unions across New Mexico, where there are 41 CUs serving 923,000 members.
“Credit unions have a long history of being the first to respond with options that help. From the great recession to the recent government shutdown, credit unions were there and we are again today,” said Paul Stull, CEO of the Credit Union Association of New Mexico. “New Mexico’s largest and smallest credit unions understand that they are essential and are working even harder so that members don’t have to worry about their money.”
According to the CUANM, examples of steps taken by CUs in the state include:
- US Eagle FCU: US Eagle, which serves more than 76,000 members in New Mexico, is waiving most of its fees from March through the end of May. It is also staffing up its call centers, offering gap loans, and members can also defer up to three full months of loan payments. US Eagle is also offering the Eagle Relief Loan, increasing Courtesy Pay protection, and waiving many fees for three full months, including consumer and business checking account fees, and late credit card and loan payment fees. Members can also defer up to three full months of loan payments.
- Rio Grande CU: Rio Grande is working to accommodate additional phone traffic, and utilizing drive-thru lanes. The credit union has also increased mobile, ATM and debit limits on transactions, as well as lowered fees, allowed a 0%, 90-day no payment Emergency Relief Loan, loan extensions and financial coaching.
- First Financial: FFCU is rolling out a skip-a-pay program for two months with no fee for all members. Also, the credit union is waiving late fees, a short-term emergency loan up to $3,000 at 5% with no payments for 45 days, and a 12-month term with no collateral.
- Otero FCU: Otero, with branches in Otero, Lincoln and Chavez Counties, is working to limit hours its branches are open, yet still provide access for in-person transactions.
- Zia CU: Zia in Los Alamos is rolling out an emergency loan program that offers members a loan that is equal to two months of their net income. Zia is delaying payments for 90 days and spreading repayment over 18 months at 4.25%. In the first two days, this loan helped 40 families and the calls are still coming in.
- Northern New Mexico School Employees CU: Employees who have been told not to work for two weeks are allowed to use their last paystub for qualifying for a loan request, and there is a coronavirus Skip A Pay for members who indicate they are having a hardship.
- Everyone’s FCU: Everyone’s FCU in Santa Rosa, Tucumcari and Vaughan, N.M., is providing free skips/extensions of up to 90 days for those that have had hours and salary cut and are not able to make payments, as well as two Emergency Loan Programs, one for individuals and one for business accounts.
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Sandia Laboratory FCU:
SLFCU is offering skip payments on auto loans, signature loans, CreditLine, or signature-secured loans, as well as a “relief loan” of up to one month’s net pay. - Nusenda: Nusenda has waived fees for using non-CU Anytime ATMs (ATM providers may still charge a fee), skip-a-payment for credit cards, as well as payment deferrals on auto, personal, and equity loans.
- Financial Security: Financial Security in Carlsbad is offering loan extensions and is prepping a COVID-19 Relief Loan.
- Kirtland FCU: Kirtland is helping by offering Courtesy Pay fee refunds, Waiver of Share Certificate early withdrawal penalties, skip-a-payment on consumer and credit cards, and temporary credit card credit limit increases.
- Guadalupe CU: In Santa Fe, Guadalupe is working to provide extensions for existing loans with GCU, as well as an emergency relief loan to help cover lost wages based upon the person’s regular wages and allows 60 days before the first payment.
Elsewhere around the Country
- In Yakima, Wash., Solarity Credit Union has created a webpage on which it has published all of its resources related to the coronavirus. It includes details on its hardship loan structure and more, including a detailed breakdown on the mortgage closing process that complies with physical distancing requirements for the stay home order. The page can be found here.
- In Honolulu, University of Hawai`i Federal Credit Union said it is offering support to those who have been affected, including temporary relief on existing mortgages, with a no-fee, home loan deferment program, in addition to other relief measures for its members. Under this program, UHFCU members may defer making mortgage payments for up to 90 days. “All of us have been stunned by the effect this pandemic has had on our community and the world. UHFCU has always been there to provide financial assistance when there have been natural disasters and public emergencies in our community,” said UHFCU President and CEO Travis Bow. “Our local economy is heavily based on tourism, which has been slowing due to the coronavirus. Considering the scope of the economic impact to our Islands as well as the constrained resources many families face, it is critical that Hawaii’s financial institutions step up and offer assistance in this time of urgent need.” For more info on UHFCU’s programs, go here UHFCU.com/coronavirus.
- The League of Southeastern Credit Unions, which serves CUs in Alabama, Florida and Georgia, has created a micropage that is continuously updated to show changes in branch hours/closures among CUs in the three states. The page can be found here.
- In Hightstown, N.J., the CrossState Credit Union Association and the New Jersey Bankers Association sent a joint letter to New Jersey’s governor assuring him of the financial services sector’s commitment to New Jersey’s consumers and businesses during this COVID-19 emergency. Additionally, the associations thanked the governor for his efforts to make New Jersey’s essential business guidelines fully compliant with the federal guidance set forth by the U.S. Department of Homeland Security’s Cybersecurity & Infrastructure Security Agency (CISA) and emphasized the need to publicly recognize banks and credit unions as essential service providers to the public during the COVID-19 public health crisis.
- “The state’s consumers and businesses are urged to contact their banks and credit unions as soon as possible to help them weather any financial hardship the current public health crisis causes,” stated Patrick Conway, CrossState Credit Union Association’s president & CEO. “Banks and credit unions are committed to their members, customers and communities, and they are working to develop innovative ways to deliver essential services to all New Jerseyans.”
- In Lake Mary, Fla., Addition Financial has launched a weekly blog series called “On the + Side,” developed to help keep members in good spirits during this time of uncertainty.
“Through this blog series, the credit union will share positive news stories, wellness tips and free resources to make the time feel less isolating,” the credit union said. “These articles are designed to help community members adjust to the unprecedented new normal brought on by COVID-19.”
The series will be updated every Monday, with the first post available here. Addition Financial is also offering additional resources here www.additionfi.com/coronavirus.
In Clatskanie, Ore., Wauna Credit Union (WCU) said its branches are open with regular business hours, with the exception of its Safeway Astoria branch. To maintain safety of members and staff, lobby access is limited to appointments only.
In a message to members, WCU said, “If you are experiencing a change in your financial circumstances during efforts to contain coronavirus, contact WCU right away. WCU can help. Services at this time include options to skip loan payments, low interest and fast cash loans, lower interest or credit limit increases on credit cards, and financial counseling.”
CUToday.info has compiled other credit union relief efforts here.