SAN BRUNO, Calif. — The Police Credit Union of California said it is celebrating its 70th anniversary this year by continuing to offer products specifically tailored for its law enforcement members.
The credit union was chartered in 1953 to serve officers in the San Francisco Police Department, and the financial institution began serving other eligible members throughout California in 2019.
“Police officers put themselves at risk every day to provide protection and safety for our communities. They can have unpredictable schedules, work long hours, and may experience the heavy toll of repeated exposure to trauma and on-the-job stress,” said President and CEO Eddie Young. “These sacrifices come with a unique set of potential financial pressures as well. We understand those pressures, which is why our mission is focused on ensuring the process of members managing their financial lives be as easy as possible. This includes providing tools that help them reach important personal goals tied to their economic well-being and security. We’ve earned the hard-won trust of these professionals over 70 years by remaining committed to our founding principle (of) ‘Providing Financial Solutions to Take Care of Our Own’.”
Empathy Training
The $1.087-billion Police Credit Union said that as part of its commitment to serving members with empathy, all new employees take part in sensitivity training developed by the San Francisco Police Department’s Behavioral Science Unit in order to better understand the pressures those who work in law enforcement regularly face.
Tailored Products
Among the tailored products it says it offers to law enforcement are:
- “End of Watch Debt Forgiveness Benefit,” which provides invaluable protection for active, full-time sworn peace officers and reserve officers in California. “By funding a loan for a minimum of $10,000, all additional loan balances at the credit union up to a combined maximum value of $850,000 will be canceled if the member is killed in the line of duty,” the credit union said. “This benefit is provided at no cost to the borrower for qualified members who enroll. Eligible products include mortgages and home equity loans, auto loans, credit cards, personal loans, lines of credit, and more.”
- The H.E.R.O. Mortgage Loan, which offers 100% financing with no down payment and no PMI (private mortgage insurance) requirements. Short for Helping Enable Residential Ownership, this option is available to eligible first-time homebuyers.
- The “10-Eight Loan” exclusively available for newly hired law enforcement officers. Named for the police code that means “ready for service,” this personal loan lets officers borrow up to $5,000 at a low rate so that they can get the items needed to start a new job, The Police CU said.
The Police Credit Union has more than 42,500 members.