Local Credit Unions Stand Ready to Support Wildfire and Windstorm Victims

Scott Simpson

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.
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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.”

Several credit unions across Southern California that serve members who are impacted by the Los Angeles-area fires are providing:

• Mortgage Forbearance: Offering temporary suspension or reduction of mortgage payments for homeowners whose properties have been damaged or destroyed.
• Loan Forbearance: Extending forbearance options to other types of loans, including personal loans and auto loans.
• Loan Extensions: Granting extensions on existing loan terms to provide financial flexibility.
• Emergency Loans: Providing access to immediate funds for essential needs like temporary housing, food, and clothing.
• 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.”

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