Credit Unions Providing Loan Forbearance for Hundreds of Thousands of Californians

Since California has issued it’s “stay-at-home” order, the state’s credit unions have provided hundreds of thousands of their members forbearance relief from mortgages, auto loans, credit card payments and business loans.

“Credit unions have a legacy of assisting our members during times of hardship—from natural disasters, to recessions, to government shutdowns—and this crisis is no different,” said Diana Dykstra, president and CEO of the California Credit Union League, the trade association for credit unions in the state.

Examples of individualized potential assistance from credit unions include:

  • Mortgage forbearance
  • Extensions of some consumer loans
  • Emergency loans
  • No negative credit reporting

Credit unions are not-for-profit banking cooperatives, owned by their members.

To interview a local credit union CEO, please contact Tina Ramos-Ingold, media relations specialist with the California Credit Union League, at tinar@ccul.org or 909.212.6050.