LOS ANGELES—The persistently strong, massive fires burning across Los Angeles County have one credit union executive wondering how long the blazes will last and how long members will need support.
Michelle Hunter, chief communications and experience officer at $3.4-billion Credit Union of Southern California, spoke with CUToday.info about the current state of the wildfires that are being driven stronger again by the return of high winds.
“Yes, the winds, they’re back. Needless to say, that’s making things worse,” Hunter said. “The winds, as we all know, are a strong contributor to the fires and the inability to predict really where they're going. They have been very erratic, the fires. They’re massive and they keep spreading. We are not even close to being out of the woods.”
CU SoCal offices have yet to be threatened by the fast-moving flames that have through Monday afternoon destroyed more than 12,000 structures, consumed more than 62 square miles of land and killed at least 24 people.
“Fortunately, our headquarters, which is in Los Angeles, and our branches, have not been impacted,” Hunter said. “We are reaching out to members we know that may be in harm’s way. We've got more than 15,000 members who are in the areas of the fires.”
The credit union has reached out via e-mail and other methods, Hunter said.
Members Responding
“We’ve already have had about 370 folks who have responded to our loan-relief programs,” she said.
CU SoCal is making $1.25 million in interest-free loans available to assist those impacted by the wildfires.
“The loans are designed to provide financial relief and peace of mind, allowing individuals and families to focus on rebuilding their lives,” Hunter said.
CU SoCal relief loan options include:
- Emergency Essentials Loan: Those impacted by the fires can borrow $1,500 at 0% interest for six months with no payments for 60 days and no credit history requirement
- Wildfire Relief Loan: Members can access up to $5,000 per household at 0% interest for 12 months with no payments for 60 days
- Loan Deferrals: Defer payments on existing loans are available to free up funds for urgent needs like temporary housing or other critical expenses
“The purpose, too, is to free up funds for urgent needs, like temporary housing and other critical expenses,” Hunter said.
CU SoCal has also pledged a $10,000 donation to CU Aid, a fund dedicated to helping credit unions, their employees and their communities during times of crisis. In addition to the $10,000 donation, CU SoCal is encouraging its team members to contribute to CU Aid. Helping Hands, CU SoCal’s charitable foundation, will match all employee donations made through Jan. 17, up to $5,000, doubling the impact of their contributions.
“It just seems firefighters are having a harder time managing these fires—that could be due to state resources…there's lots of speculation as to what's going on here in California, and specifically in the county of Los Angeles with regard to supporting our firefighters,” Hunter said.
As have others who have talked with CUToday.info about the fires, Hunter said the blazes are a once-in-a-lifetime event.
“I have never seen any fires like this,” Hunter said. “These fires just seem to be lasting longer, along with their force. There certainly has been fires that have threatened our areas, but these seem to be in a greater number and more persistent. Everyone thought we’d have more containment by now…We're here to support our communities in any way that we can. Our hearts go out to all of those who have been impacted.”
Needs Are Greater
How these fires have been created so quickly and become huge blazes could tax a credit union’s resources, acknowledged Jill Vasant, SVP/chief marketing officer with $5-billion California Credit Union, who added ongoing support for its members will not be an issue.
However, she did recognize the challenge.
“This is so massive,” Vasant told CUToday.info. “So much of Los Angeles County is impacted and so many people have been impacted all at once—versus in the past when fires were more restricted to individual areas. Fortunately we have had resources available and it's very easy for us to activate these programs. We know there's tremendous devastation and stress throughout our communities, and certainly among our members—and we're here for them.”
Vasant said assisting members through difficult times is “part of California Credit Union DNA.”
“Whether it's smaller event, like a teacher’s strike, or, unfortunately, a once-in-a lifetime event like these fires, we've always been supporting our members,” she said. “Our branches and headquarters have been fine. We proactively closed our Pasadena branch last week for a day due to safety concerns for our employees and members…The concern was air quality.”
The CU’s primary focus, emphasized Vasant, is to help members through the situation and reduce their stress.
“Last week we proactively sent a message to our members offering our assistance, providing them a link to a dedicated landing page on our website with all of the resources we have available—which include payment assistance for our mortgage holders, skip-a-pays, penalty-free certificate withdrawals, questions regarding insurance-related reimbursements…We've provided direct lines to staff so members can reach them easily,” she said.
Vasant added the credit union has been concerned about its small business members.
“Fortunately, none of our small business owners have been impacted thus far,” she said. “But we also provide resources for them, as well.”
California & Nevada Leagues Aid
The California & Nevada Leagues outlined what resources are available to credit unions via its Crisis Response page:
- CUAid Disaster Grants: These grants offer immediate financial relief to credit union employees and board members affected by disasters
- Business Continuity Plan: Access to business continuity resources to help ensure operations can continue even in the face of unforeseen challenges.
- Federal Emergency Management Agency: Information and links to FEMA disaster assistance programs for businesses and individuals
- Small Business Administration Disaster Relief Loans: Details on low-interest loans for small businesses affected by disasters, including eligibility and application information
- TruStage Insurance: Information on TruStage’s insurance offerings, designed to help credit unions and their members protect their assets during times of crisis
- Silvur – Healthcare & Tax Updates White Paper: A valuable white paper providing the latest updates on healthcare and tax policies, which may be especially relevant for credit unions and their staff