By Ray Birch
LOS ANGELES—The wildfires in Los Angeles County continued to spread Thursday, and damage from the massive wind-driven flames could make this one of the costliest wildfire disasters in U.S. history.
Ashley White, senior vice president, chief marketing officer at $6.5-billion Wescom Credit Union, told CUToday.info she and her staff have witnessed why this disaster will likely be one credit union staff and local residents remember for the rest of their lives.
“In our 90-year history we've seen several things, from the Great Depression to the COVID-19 pandemic and now this,” White said. “This is something we know is impacting our members and team members, and more importantly, the communities we serve. Absolutely, this will certainly be part of our history. And we certainly hope part of this terrible story we are all living through in real time is how we supported our members and our communities when they really needed us.”
White continued, saying the credit union has never before seen fires of this magnitude and destructive force in Los Angeles County. As of Thursday evening, the blazes that cover 45 square miles have forced nearly 180,000 people from their homes, wiped out more than 10,000 structures, killed at least 11 people and even threatened iconic landmarks in Hollywood Hills.
“Wescom serves more than a quarter-million members throughout Southern and Central California. Over 40% of our membership base lives within the Los Angeles and Ventura county communities impacted by the Palisades, Eaton Canyon and other fires,” White said. “Wescom’s headquarters offices are in the City of Pasadena, where the Eaton Canyon Wildfire is raging. While there is no immediate threat to that branch or other offices, our headquarters serves more than 14,000 members. Our thoughts are with those members and team members in these difficult times.”
Staying Out Of Harm’s Way
While White said Wescom’s offices are currently not threatened from the fires, she added the credit union must stay on top of fire reports to make sure the locations remain out of harm’s way.
“We are monitoring the situation very closely given the magnitude of the fires,” she said. “Again, while our facilities are not threatened currently, due to poor air quality and smoke from the fires, we have temporarily closed our Pasadena branch. Wescom’s UCLA campus branch has also been temporarily closed due to campus closures.”
White stressed the safety of the credit union’s staff, members and communities is the organization’s top priority.
“In the event of a closure, we will notify impacted members through email, social media and our website. We are also monitoring the safety of our team members and supporting them should they be affected by evacuation orders,” she said.
Wescom is helping members on a case-by-case basis, and has formal assistance programs in place. The CU is offering emergency loans up to $5,000 and is launching a Giving Campaign, matching total donations up to $50,000, to support wildfire relief efforts.
“Our biggest takeaway from this is people's financial dreams are being devastated right now,” White said. “And we don’t know how costly these terrible fires will be in the end. But our focus is on how can we help those members impacted and are seeing their financial dreams being devastated—ensuring we are doing everything we can to support them.”
California Credit Union
Separately, California Credit Union, based in Glendale, is offering special relief programs to support current members who have been impacted by the fires. Programs include:
- Loan payment assistance: Members may skip a payment, with all fees waived, on their Consumer auto loan and/or Signature Plus loan (personal loan)
- Penalty-free certificate withdrawals: Members with certificate accounts may request early withdrawal to cover expenses with no fees or penalties
- Reduced rate signature loans: Members may apply for a signature loan at a 4% lower rate than the current lowest rate offered by the credit union with a variety of terms. Members may receive up to two times their most recent net paycheck, up to $3,000
“The wildfires have been devastating for many in our communities and we’re here to help. California Credit Union members can rest assured we will work alongside them with a variety of special assistance programs to help alleviate some of the financial stress they may be experiencing,” said California Credit Union President/CEO Steve O’Connell. “We encourage members who may be impacted to contact us with questions or concerns about their finances so we can assist them through this challenging time.”