More Than 450,000 Californians Receive Assistance by Credit Unions During Economic Fallout due to Coronavirus

New numbers just released

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

In a just released survey of CCUL members, many credit unions indicate that in addition to collectively extending 1,680 business loans with Paycheck Protection Program (PPP) funds:

  • 16,556 mortgage payments have been extended
  • 432,309 consumer loans (auto and credit card) have been extended
  • 450,000 total members have been assisted 

 

"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.

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

For examples of how local credit unions are serving their members, please contact Tina Ramos-Ingold, media relations specialist with the California Credit Union League, at tinar@ccul.org or 909.212.6050.