As we move towards pandemic recovery, we want to let you know we will be ending our special assistance programs that were implemented in March of 2020. These programs were designed to help members who were financially impacted by the COVID-19 pandemic. Those programs include the following:
- Loan Payment Deferrals – We deferred up to 3 months of loan payments with the ability to extend the deferral an additional month.
Through the pandemic, we deferred payments on over $63 million in balances on over 2,800 loans. We were careful in the way we offered the assistance, not requiring a full 90 days’ worth of payments when the deferral ended, but instead putting the deferred payments at the end of the loan when members will be in a better position to pay.
- Special Assistance Loan – This was a signature loan up to $2,500 for a maximum term of 36 months. No payments were required until 90 days from loan funding and we offered a below-market interest rate of 5.99% APR.
We granted a total of 103 Special Assistance Loans for over $233,000.
- Waiver of Early Withdrawal Penalties – We’ve been waiving the early withdrawal penalties on member CDs. This allowed members penalty-free access to their funds deposited in certificates.
We waived the early withdrawal penalty on nearly 600 CDs since
As we are learning to move forward and developing our new normal, we are ending these special programs effective September 1, 2021. However, we will continue to work with individual members on a case-by-case basis to assist them if they are experiencing financial hardship.