The coronavirus is taking its toll on the U.S. and credit unions are here to help.
While NAFCU doubled down on its efforts to get the industry more regulatory relief and ensure credit unions were not completely left out of relief measures, credit unions’ quick action to be there for their members generated national media attention and led to advocacy wins. Those wins included access to the Small Business Administration’s Paycheck Protection Program and the Federal Reserve’s interim final rule eliminating Regulation D’s transaction limit.
Aside from offering operational relief for members, credit unions throughout the country reached out to help their communities when they needed it most. See how NAFCU members are making a difference:
Polish & Slavic Federal Credit Union (PSFCU) in New York City sent special food parcels to doctors, nurses, hospital workers and nursing home attendants in an effort to acknowledge and honor their medical community heroes on the front lines of the pandemic.
“This was done to show our appreciation for everything [health care workers] are doing in these difficult times for us all,” says PSFCU CEO/President Bogdan Chmielewski.
In addition, PSFCU’s board of directors established a fund dedicated to providing financial help for those not-for-profit organizations that are providing assistance in their community.
The PSFCU Coronavirus Relief Fund has provided financial support to more than two dozen different organizations from New York, New Jersey and Illinois to help the elderly, the ill in need of care, and those most affected by the coronavirus pandemic.
Valley Strong Credit Union, located in Kern County, Calif., awarded more than $300,000 to local coronavirus relief funds to provide not-for-profit organizations with the resources needed to serve those who are vulnerable with basic needs such as food, housing, living expenses and transportation.
Arlington Community Federal Credit Union in Arlington, Va., donated money to the Arlington Food Assistance Center and encouraged individuals and businesses in their local community to find ways to help if they are able.
Northeast Ohio’s Seven Seventeen Credit Union donated $10,000 to the Trumbull County United Way to remediate the effects of closures and service disruptions in the community.
In Raleigh, N.C., State Employees’ Credit Union (SECU) and SECU Foundation donated a combined $10 million to support coronavirus disaster relief efforts across the state. This donation will also help not-for-profit organizations in the state provide food, clothing, shelter and financial assistance for those in need during the pandemic.
In another remarkable effort of community outreach, American Heritage Credit Union (AHCU) in Philadelphia was inspired by health care workers who have shown passion and selflessness, and the credit union donated 50,000 personal protective face masks to roughly a dozen hospitals in their community. Employees of the credit union loaded dozens of boxes into company vehicles and safely delivered the supplies to those who needed them most.
“This COVID-19 has really put a damper on people being around other people, and the only way we’re going to get back to normalcy is if we help out with the community,” says AHCU President and CEO Bruce Foulke.
Credit unions were founded on the premise of people supporting those in financial need in their communities. These acts of kindness and support during the coronavirus pandemic further demonstrate the industry’s commitment to people first. As credit unions work to help members through these difficult times, NAFCU will continue fighting for the guidance, resources and relief needed to ensure the industry can effectively weather this storm.
This article was published in the July-August 2020 edition of The NAFCU Journal magazine.
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