Local Credit Union Assists Members with Relief Grant
Sue Thrash, Marketing & Business Development
(757) 838-0707 ext. 107
HAMPTON, VIRGINIA (November 17, 2020) – Hampton Roads Educators Credit Union, Inc. (HRECU) assisted 21 members through their COVID19 Loan Payment Relief Program (CLPRP). A total of $9,327.41 was distributed through deferred loan payments. Many members, particularly those outside of the teaching profession, are low-wage workers, often minorities, who feel the economic impact of COVID-19 the most. The credit union CLPRP was offered on a first-come, first-served basis to members by request until the grant funds were nearly depleted.
“Reduced work hours and sudden layoffs have had a dramatic impact on many of our members,” stated Manager/CEO Karen Orie. “In addition, with schools closed, workers whose jobs are not directly impacted may have to choose between caring for their children and earning a paycheck or in a lot of cases having to suddenly pay someone to watch their children while they work. Our goal was to reach out and assist those members financially impacted by the COVID-19 Pandemic.”
The Credit Union applied for grant funding in March through The National Credit Union Administration (NCUA) as part of the COVID Emergency Grant funding. This initiative is provided by the Community Development Revolving Loan Fund, which Congress created to support credit unions serving low-income communities.
Through the COVID Emergency Grant award, Hampton Roads Educators Credit Union, Inc. was able to defer and fund members’ loan payments. This gave them additional relief from other mounting bills until they were able to regain financial stability.
The program was marketed through the HRECU website, member emails, handouts and Social Media channels. Members contacted the credit union for assistance. Approval for the deferments was completed on a case by case basis and dependent upon how compelling Covid-19 had affected their family financially. In total, the credit union was able to assist 21 members with a total of $9,327.41 in loan payment relief.
ABOUT HAMPTON ROADS EDUCATORS CREDIT UNION, INC
Chartered in 1954, Hampton Roads Educators Credit Union operates one branch located on Cunningham Drive in Hampton, VA, and is a full-service credit union serving school system retirees, staff and students in Gloucester (including municipal employees), Hampton, Isle of Wight, Mathews, Middlesex, Poquoson, Surry, Williamsburg/James City County, Thomas Nelson Community College, Hampton University and the many private schools located in these areas.
ABOUT THE NATIONAL CREDIT UNION ADMINISTRATION
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. NCUA also educates the public on consumer protection and financial literacy issues.
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