Variety of Relief Measures for Credit Union Members
In response to the devastating wildfires and windstorms impacting communities across the Los Angeles region, credit unions throughout Southern California are prepared to offer immediate and direct financial relief to local members affected by this crisis.
As the California Credit Union League works in close partnership with Governor Gavin Newsom’s office to provide streamlined credit union processes for mortgage payment forbearance periods and other types of financial relief, local credit union leaders are committed to contributing compassionate assistance. This includes helping individuals and families as they operate during the current crisis, as well as relief in the recovery process.
“Credit unions are deeply committed to supporting their members and communities by offering immediate financial relief,” said Scott Simpson, president and CEO of the League. “Many of our credit unions are providing direct assistance and long-term recovery options — including mortgage forbearance and flexible payment options — to ensure Southern Californians can focus on rebuilding without the added burden of financial worries.”
“Our communities are hurting, and providing immediate financial relief is essential to our long-term rebuilding. I’m proud to join Governor Newsom in announcing mortgage payment forbearance through these financial institutions,” said Assemblymember John Harabedian (D-Pasadena). “The work is far from done, and I’m committed to partnering with Governor Newsom, Speaker Rivas, and Pro Tem McGuire to deliver the support wildfire survivors need.”
“It is encouraging to see voluntary mortgage forbearance being offered to victims of the Palisades and Eaton Fires,” said Assemblymember Jacqui Irwin (D-Thousand Oaks). “These programs provide immediate relief to those impacted. Assemblymember Harabedian and I have introduced legislation for long-term relief and remain committed to ensuring every fire victim receives the time they need to recover from this disaster.”
“The Southern California mega-fires demand coordinated efforts to ensure all impacted Californians receive relief during these devastating times,” said Senator Sasha Renée Pérez (D-Glendale). “As the State Senator for the Eaton Fire-affected communities, including Altadena’s historically African-American and working-class residents, I thank the Governor for responding to calls for mortgage relief. I also appreciate the financial institutions that stepped up to provide this critical support. This relief offers a much-needed respite for those facing a long recovery, and I’m grateful to California lenders for understanding the extraordinary hardships their customers are enduring.”
Several credit unions across Southern California that serve members who are impacted by the Los Angeles-area fires are providing:
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Mortgage Forbearance: Offering temporary suspension or reduction of mortgage payments for homeowners whose properties have been damaged or destroyed.
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Loan Forbearance: Extending forbearance options to other types of loans, including personal loans and auto loans.
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Loan Extensions: Granting extensions on existing loan terms to provide financial flexibility.
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Emergency Loans: Providing access to immediate funds for essential needs like temporary housing, food, and clothing.
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Fee Waivers: Eliminating fees for services such as ATM withdrawals, overdraft charges, and late payment penalties.
Additionally, many credit unions and nonprofit foundations are collectively supporting wildfire recovery efforts for credit union members and households as residents face catastrophic losses. Credit unions are leveraging their community foundations to raise relief funds and CU Aid — which provides crucial emergency grant support for credit union employees and volunteers so they can continue serving members and communities — has been integral to these efforts.
Committed to being a source of strength and stability during this challenging time, local credit union leaders understand the financial strain these disasters place on individuals and families. They are committed to working with their members on an individual basis to develop personalized solutions that meet their unique needs. Members who are impacted by the wildfires and windstorms should contact their credit union as soon as possible to discuss available assistance.
“By offering a lifeline to credit union members who need it most, we can prioritize their current financial needs and empower them on the long road to recovery,” Simpson said. “As community-based institutions, credit unions are deeply rooted in the areas they serve. Our hearts go out to all those who have lost homes, businesses, and livelihoods. We want credit union members and local residents to know that we are here for them during this difficult time, and we are committed to providing the financial support they need to rebuild their lives.”