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.
Multiple wildfires in Los Angeles county have so far led to at least 28 deaths and the destruction of over 10,000 buildings – while tens of thousands of residents have had to evacuate their homes.
Credit Union Times reported 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 launched a fundraiser to support disaster relief efforts, 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.
Outdoor retail co-op REI has also joined the support efforts, announcing a donation of $50,000 to the California Community Foundation – Wildfire Recovery Fund, and $20,000 of products from its stores in Southern California to nonprofits supporting wildfire recovery efforts.
The co-op ran a campaign encouraging employees, members and customers to make donations in REI stores, and offering a 20% off discount for first responders at all stores in the Central and Southern California regions.
The California Credit Union League (CCUL) is offering direct assistance to affected credit union employees and board members through its CUAid disaster grants programme.
“As we monitor severe weather conditions across California, we understand the potential challenges faced by credit unions,” said CCUL, reminding credit unions that have experienced or anticipate any site damage or staff evacuations due to rain, flooding, windstorms or landslides, to immediately email Joe Keller, vice president of membership and credit union solutions.
“Your prompt response with brief details on the impact on your operations will greatly assist us in coordinating support and resources.”
The United States Federation of Worker Cooperatives has also issued a message of support, including a list of resources for anyone needing assistance, including disaster assistance loans administered by the US Small Business Administration.
The federation is also encouraging donations to the Cooperative Development Foundation’s Disaster Recovery Fund. The fund supports efforts to help co-ops and their members recovering from natural disasters and other crises or emergency hardship situations.
This article was updated on 24 January
