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Coronavirus

Credit Unions Are Here to Help

Connecticut’s Credit Unions are Financial First Responders on the Front Lines of the Relief Effort

  • Credit unions across Connecticut are stepping up to help
  • Every credit union is flexible and serves its members in unique ways
  • Credit unions across the state are helping without being asked (or told)

    A national survey shows that:
  • 93% of credit unions surveyed are offering loan modifications
  • 86% are waiving fees
  • 80% have created new loan products to meet members' pressing needs


We’re here for you.
Here are some examples of what many Connecticut credit unions are doing to help:

  • Many Fees Waived or Suspended
  • Mortgage Forbearance Programs
  • Case-by-Case Loan Modifications
  • Loan Payment Deferrals and Modifications
  • Skip-a-Pay Programs on Loans and Credit Cards
  • Skip-a-Pay Programs for Business Loans
  • Short-Term Bridge Loan w/1st Payment Waived for 90 days
  • 0% Credit Card Balance Transfers
  • No Credit Check Small Loans
  • Increased Funds Available Daily Limit
  • Increased Overdraft Privileges
  • No-Penalty Early CD Withdrawals
  • Increase Courtesy Pay Limits
  • Credit Counseling
  • Crisis Accounts for Members at Risk (i.e. Police Officers, Hospital Staff, etc.)
  • Emergency Fund to Help Members Buy Food and Medicine


Please check with your individual credit union for specifics on their response measures.

Find a Credit Union

Policy Statement Supporting Protection of Credit Unions’ Ability to Continue Providing Individualized Support to Affected Account Holders

Policy

Due to the not-for-profit structure and unique ability of credit unions to serve the particular needs of each member, they can tailor the support on a case by case basis, and increase the total impact to get more help exactly where it will do the most good for the most people. A ‘one size fits all’ approach is inefficient, less effective, and we are unable to support any plan that forces financial institutions to waive or delay payments indiscriminately.

Core Principles

The Credit Union League of Connecticut represents Connecticut’s nearly 100 credit unions and their almost 1 million member-customers. Credit unions are not-for-profit financial cooperatives, democratically governed by volunteer boards of directors. They exist to serve their members because they are governed by their members. Credit unions are embedded deep in their communities; for example, some of our smallest credit unions are located in church basements while others specifically serve essential services such as fire, police, and healthcare personnel.

Credit union profits, if any, are given back to the members in the form of higher interest rates, lower rates on loans or used to provide the members exactly the products or services they want. A typical credit union refrain is “people helping people.” To answer that call, credit unions develop deep knowledge of their members and carefully balance the interests of the individual member with those of their total membership.

Bruce Adams

Bruce Adams
President and CEO
Credit Union League of Connecticut

Contact:
badams@culct.coop
(860) 593-3113


Credit Unions in the Media

Press Release: League Urges Members and Consumers to Remain Calm
Deposits in credit unions are federally insured by the National Credit Union Administration (NCUA) up to $250,000.


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©Copyright 2020, Credit Union League of Connecticut

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