Michigan Credit Unions Reach Out to Help UAW Members

As the United Auto Workers strike passes the one-month mark, a group of at least 18 Michigan credit unions are banding together to let members know they can get help through their credit unions.

The Michigan Credit Union League on Wednesday distributed a link to 18 credit unions in the state that are providing help to workers who are without their usual wage for an undetermined amount of time. Their most common options are skip-a-pay waivers, modifications to existing loans and new loan products with one-to-three month payment extensions.

“It’s heartening, but not surprising, to see Michigan credit unions step up to help workers during the UAW Strike,” League President/CEO Patty Corkery said. “Our movement understands how hard it can be to navigate uncertainty and financial hardship, and the assistance they are offering members is indicative of true financial partnership.”

The UAW began the strike Sept. 15 at selected plants of Ford, General Motors and Stellantis, the maker of Chrysler, Jeep and Ram vehicles. As of Oct. 13, The New York Times reported about 34,000 of the union’s 150,000 members at the automakers were on strike. Another 1,000 UAW members employed at Blue Cross Blue Shield of Michigan have been on strike for more than a month.

This is not the first time at the rodeo for the Michigan credit union movement coming to the aid of union workers on strike, according to the league, whose 192 member credit unions serve 59% of Michigan’s population with 5.99 million members and total assets of $101 billion. As recently as the 2019 General Motors strike, Michigan credit unions stepped up to assist impacted Michiganders through a similar variety of assistance options.

LAFCU of Lansing ($1 billion in assets, 74,324 members as of June 30) was founded by Oldsmobile employees in 1936. Kelli Ellsworth Etchison, chief marketing officer and chief diversity officer, said LAFCU is offering special strike loans of up to $4,000 for 36 months at an 8.99% APR. It also is offering debt consolidation, refinancing options and free credit counseling.

“Our very foundation is forged from the autoworkers, and we will be there for our members through this difficult time,” Etchison said.

ELGA Credit Union of Grand Blanc ($1.4 billion in assets, 93,424 members) is providing fee-free loan payment deferment for any worker impacted, whether they are a UAW worker on strike or laid off due to strikes, as are many non-union workers at auto parts suppliers. The credit union is also offering personal loans to UAW workers.

“When our members struggle financially, credit unions consistently step up with solutions,” ELGA President/CEO Terry Katzur said. “We did it during the COVID pandemic when our members were without jobs and we are showing the credit union difference again as a response to the UAW Strike.”

Michigan Schools and Government Credit Union (MSGCU) is offering an Economic Relief Loan to striking workers from GM, Ford and Stellantis. They can apply for loans of up to $3,000 at a fixed rate of 7.50% APR with no payment due for the first 45 days and repayment terms up to 24 months.

“As an organization that is dedicated to giving back, we wanted to provide a solution for those in our community that may be struggling with financial challenges due to the ongoing strike,” Steve Brewer, MSGCU President/CEO, said. “MSGCU aligns our services with the credit union philosophy of people helping people, and this loan is one way of helping others during this time of uncertainty.”

Cornerstone Community Financial Credit Union of Auburn Hills ($400.2 million in assets, 23,887 members) named its low-rate loan product for strikers “In Your Corner” to show members their credit union is there for them in difficult times, Jennifer Dickey, chief experience officer, said.

“Understanding the potential impact that this could have on a large portion of our membership who are probably already trying to make ends meet in this economy, it was imperative for us to offer solutions that would support these members impacted by the strike,” Dickey said. “Now more than ever, they need to know that we’re in their corner.”

Other credit unions listed in the league’s Michigan Credit Union Strike Resources included:

• Alliance Catholic Credit Union of Farmington Hills ($652.7 million in assets, 32,417 members)
• Astera Credit Union of Lansing ($204.9 million in assets, 15,016 members)
• Christian Financial Credit Union of Sterling Heights ($830.6 million in assets, 57,764 members)
• Cornerstone Community Financial Credit Union of Auburn Hills ($400.2 million in assets, 23,887 members)
• Diversified Members Credit Union of Detroit ($488.5 million in assets, 29,482 members)
• Dort Financial Credit Union of Grand Blanc ($1.6 billion in assets, 107,986 members)
• ELGA Credit Union of Grand Blanc ($1.4 billion in assets, 93,424 members)
• Frankenmuth Credit Union of Frankenmuth ($1.3 billion in assets, 67,619 members)
• Genisys Credit Union of Auburn Hills ($4.6 billion in assets, 265,738 members)
• Michigan State University Federal Credit Union of East Lansing ($7.7 billion in assets, 348,401 members)
• Public Service Credit Union of Romulus ($405.3 million in assets, 33,480 members)
• The Local Credit Union of Sterling Heights ($108 million in assets, 12,272 members)
• United Bay Community Credit Union of Bay City ($279 million in assets, 18,464 members)
• Vibe Credit Union of Novi ($1.2 billion in assets, 77,602 members)
• Wayne-Westland Federal Credit Union of Westland ($143.5 million in assets, 10,970 members)
• Zeal Credit Union of Livonia ($832 million in assets, 66,719 members)