Several fire relief funds administered by California credit unions, the California and Nevada Credit Union Leagues and other organizations were activated earlier this week to help communities ravaged by the Valley Fire in Lake, Napa and Sonoma counties, and the Butte Fire in Amador and Calaveras counties.
What's more, Jan Lynn Owen, commissioner for the California Department of Business Oversight, issued a statement Thursday calling all state chartered credit unions and banks to help communities by granting "appropriate latitude" on loan payments for customers affected by the fires.
Owen also urged financial institutions to ensure members and customers have ready access to their funds and expedite the extension of new credit to help residents and businesses finance cleanup and rebuilding.
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According to the California Credit Union League, the $2.6 billion Redwood Credit Union in Santa Rosa and the $197 million Mendo Lake Credit Union in Ukiah are closest to the communities that have been affected by the fires.
The homes of some employees at Redwood CU and Mendo Lake CU were either lost or partially burned, according to the California league.
"We are marshaling credit unions across California to aid in helping those affected by this destruction," Diana Dykstra, president/CEO of the California Credit Union League, said. "Credit unions believe when one suffers we band together to help and serve their communities. Some of our credit unions are in these local communities, and they truly need us now."
Redwood CU, Mendo CU, the $9.3 billion Golden 1 Credit Union in Sacramento, the $714 million Bay Federal Credit Union in Santa Cruz and the Fire Family Foundation, the charitable arm of the $1 billion Firefighters First Credit Union in Los Angeles, are raising funds, supplies and providing natural disaster relief programs to offer payment options on existing loans and other special financing alternatives.
"Our firefighters are facing immense obstacles and frankly, awful conditions in this tremendous heat, while the fire continues to rage and spread," Mike Mastro, president/CEO of Firefighters First CU, said. "Our commitment is to firefighters. We have always been there to help our firefighters and now those injured need our help even more."
The Valley Fire has destroyed more than 73,000 acres, including 585 homes and hundreds of other structures as of Thursday, according to California state officials. Four firefighters have been injured in the Valley Fire.
In the Butte Fire, more than 70,000 acres, 262 homes, 188 outbuildings and 17 structures have been destroyed as of Thursday, according to California state officials.
Those wishing to make donations to help the fire victims can visit these sites:
Lake County Fire Victims Fund, in care of Redwood CU.
Middletown Relief Fund, in care of the Fire Family Foundation and California Credit Union League.
Valley Fire Relief Fund, in care of Mendo Lake CU, North Coast Opportunities and Lake County Department of Social Services.
Bay FCU, in partnership with Central Coast American Red Cross.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
