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A California credit union serving law enforcement professionals has set up a debt forgiveness benefit for members who die on or off duty from work-related activities.
The Police Credit Union in San Francisco said its new "End of Watch Debt Forgiveness Benefit" will cover eligible loans obtained by members. The credit union said it would cancel the amount of the loan on the death of a member from "the result of external force, violence or heart attack, stroke or illness directly caused by physical training or other strenuous activity required of a law enforcement officer."
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"Having served law enforcement professionals for over 65 years, we understand the inherent dangers of the occupation. What's more, we recognize the tragedies these families can face without notice are a major source of financial anxiety and stress," Eddie Young, president/CEO of The Police Credit Union, said in a statement. "This benefit offers peace of mind for those who risk their lives every day to provide protection and safety for our communities, and financial security for their families should they ever be called to make the ultimate sacrifice."
More than 1,600 law enforcement officers have died in the line of duty, according to a memorial website that tracks police officer deaths.
Borrowers must have funded a loan of at least $10,000, the credit union said, and the member must have been an active, full-time law enforcement officer at a federal, state, county or municipal agency. The Police Credit Union said the benefit would cancel loan balances — up to $850,000 — on products including mortgage and home equity loans, credit cards and personal loans.
Benefit exclusions include any law enforcement death from suicide or from a pre-existing health condition. Additionally, member deaths caused by the outbreak of a communicable disease or pandemic are not eligible for the forgiveness benefit, the credit union said.
All law enforcement officers are eligible for membership at The Police Credit Union, which was founded in 1953 by San Francisco police officers. The credit union said it has more than 42,000 members and assets of more than $980 million.
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Mike Scarcella
Mike Scarcella is a senior editor in Washington on ALM Media's regulatory desk. Contact him at [email protected]. On Twitter: @MikeScarcella. Mike works on a slate of newsletters: Supreme Court Brief | Higher Law | Compliance Hot Spots | Labor of Law.
