Wildfires spreading across parts of Los Angeles have forced a number of credit unions to close – but the sector is also offering support to those affected.
Several credit unions have closed their branches because of the threat from the fires, while those that managed to stay open have been hit by power outages and evacuations.
The cause of the five wildfires in Los Angeles county is so far unknown. They have so far led to at least 10 deaths and the destruction of 10,000 buildings – while 179,000 residents have been ordered to evacuate their homes, with another 200,000 on standby.
Credit Union Times reported on Wednesday that a number of credit unions, including the Firefighters Federal Credit Union in Pasadena, SchoolsFirst Federal Credit Union in Tustin, First City Credit Union in Altadena, Pasadena Federal Credit Union, Partners Federal Credit Union in Burbank, Logix Federal Credit Union in Valencia, Caltech Employees Federal Credit Union in La Canada and Adventist Federal Credit Union in Glendale shut down some or all of their branches.
Local credit unions are also offering support to members and others affected by the fires.
Affected members of California Credit Union members are being offered special relief programmes, including loan payment assistance, penalty-free certificate withdrawals and personal loans at a lower rate than those previously offered.
“The wildfires have been devastating for many in our communities and we’re here to help,“ said California Credit Union CEO Steve O’Connell. ”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.
“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.”
Ashley White, senior vice president at Wescom Credit Union, headquartered in Pasadena, told CUToday.info that “people’s financial dreams are being devastated right now,” and that they are focused on working with members who need support on a case-by-case basis as well as via $5,000 emergency loans.
Wescom has launched a fundraiser to support disaster relief efforts and is matching total donations up to $50,000 made from 8 January to 21 January 2025, which will be distributed between American Red Cross and Direct Relief.
