Credit Unions in California Offering Assistance to Those Impacted by Economic Fallout from Pandemic

The COVID-19 outbreak has resulted in a sweeping and sudden economic crisis for millions of Californians—now being asked to stay safe at home—who are seeing their work hours reduced or jobs and businesses lost. During this unprecedented crisis, the 294 credit unions in the state—with total assets of nearly $210 billion and serving 14 million residents—are taking extraordinary steps to support their members and communities.

 

Under Governor Gavin Newsom’s 'Stay-at-Home' order, banking is considered an essential service. To that effect, credit unions are continuing to provide the financial tools, resources, and ready account access to their members.

Additionally, credit unions in California are working with their members on an individual basis to evaluate their needs and determine what assistance best mitigates their own personal financial circumstance.  Some examples of individualized assistance include mortgage loan deferment; skip-a-pay programs; no penalties on early withdrawal fees on certificates and other special funds; special emergency loans; and business loan deferments.

 “We applaud Governor Newsom for recognizing financial services as an essential industry and California’s credit unions are prepared to work side by side with him to serve our state during this crisis,” said California Credit Union League President and CEO Diana Dykstra.  “Credit unions have a legacy of assisting our members during times of hardship—from natural disasters, to recessions, to government shutdowns, and this crisis will be no different.”

Pin It