DES MOINES, IOWA (March 19, 2020) — Iowa credit unions, which have long been a safety net for Iowans in times of need, have activated to help members navigate the COVID-19 pandemic.
“In times of crisis, credit unions are the trusted financial partner that 1.3 million Iowans and small businesses turn to. Iowa credit unions play a vital role in the economic health of local communities and are taking the lead when members need them most,” said Murray Williams, President and CEO of the Iowa Credit Union League. “I’ve never been more proud of our movement than in this past week. Credit unions are waiving fees, deferring payments and creating low-cost products to get members and small businesses access to the capital they need now. We are partnering with state and federal governments on creative ways to help Iowans weather this storm.”
As locally-owned, financial cooperatives, credit unions are federally-insured by the NCUA and are a safe place for Iowans to keep their money. Member savings are federally insured to at least $250,000.
Iowa credit unions are doing what needs to be done to provide increased assistance. Some credit unions are on the front lines of innovation with technology that enables members to access their funds at anytime from anywhere, while others are creating new ways to engage their members via more traditional methods.
The board of directors for the Iowa Credit Union Foundation (ICUF), the philanthropic arm of the Iowa credit union industry, voted to create a new Emergency Relief Fund this week. The fund will be used to support Iowans in financial need due to the impacts of the pandemic. More details will be announced soon.
“We are grateful that Iowa credit unions are working together as an industry to pool their money and create a new Emergency Relief Fund. Eligibility and application details are currently being developed, and we will share more information as soon as they are finalized,” said Jaimie Miller, Executive Director of ICUF. “Our goal is to get targeted relief to Iowans that need it most as soon as possible.”
To keep employees and members safe, some credit union lobbies are closed to visitors. Members should check with their local credit union on branch accessibility and consider options through online/mobile banking, drive up service or calling their credit union for new ways to continue service.
The Iowa Credit Union League is the trade association that represents the interests of Iowa credit unions and their more than one million members. Credit unions are not-for-profit, financial cooperatives owned and operated by their members. Iowans use their credit union membership to receive higher interest rates on savings and lower interest rates on loans. For more information, visit www.IowaCreditUnions.com. Follow ICUL on Twitter at www.twitter.com/icul or on Facebook at www.facebook.com/iowacreditunions.
Founded in 1995 as the philanthropic arm of the Iowa Credit Union League, the Iowa Credit Union Foundation's (ICUF) primary focus is to eliminate poverty in the state of Iowa. ICUF seeks to carry out its mission to empower people and communities to achieve financial well-being through its various programs, grants and scholarships. For more information, visit www.IowaCreditUnionFoundation.org.
