By W.B. King
The massively destructive wildfires impacting the Greater Los Angeles area have, to date, claimed 24 lives, and caused residential and commercial insured losses that exceed an historic $20 billion, and counting. Among those residents and businesses impacted are both credit unions and their valued members.
"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 President/CEO Steve O'Connell of the $5 billion Glendale, Calif.-based California Credit Union.
The credit union serves more than 200,000 members at 25 locations in the counties of Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura, as well as school employees throughout the state. The credit union also operates in San Diego and Riverside Counties as North Island Credit Union.
Among California Credit Union programs currently offered:
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 (APR) Signature Loans: Members may apply for a signature loan at a 4.00% 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.
"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," O'Connell added.
CUAid
Serving those who live, work, worship, or attend school in Los Angeles, Orange, Riverside and San Bernardino counties, the $2.8 billion Credit Union of Southern California (CU SoCal), supports more than 155,000 members. On January 10, 2025, the credit union pledged a $10,000 donation to CUAid, a fund dedicated to helping credit unions, their employees, and their communities during times of crisis.
Dave Gunderson, president/CEO of CU SoCal, noted that in addition to the donation, the credit union is encouraging its team members to contribute to CU Aid. To this end, “Helping Hands,” CU SoCal's charitable foundation, will match all employee donations made through January 17, up to $5,000.
"We are deeply committed to supporting our neighbors during this challenging time," said Gunderson.
Along with the noted initiatives, CU SoCal is making $1.25 million in interest-free loans available to assist those impacted by the wildfires, Gunderson explained. Designed to provide financial relief and peace of mind, these loans will help those impacted to focus on rebuilding their lives and communities.
Loan programs 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.
"Through our financial relief programs and our donation to CUAid, we aim to provide immediate and meaningful assistance to those affected by the wildfires," Gunderson said.
CUAid, the National Credit Union Foundation’s disaster relief program, is based on the credit union’s “People Helping People” philosophy. According to NCUA, every penny donated to CUAid goes directly to credit union volunteers and employees affected by natural disasters. In 2024, for example, CUAid gave $569,000 to the Carolinas Foundation, Cornerstone Foundation, Luminate Louisiana CUs, Maui County FCU, and Southeastern CU Foundation.
Click here to learn more about donating to CUAid.