HONOLULU–While the recent storms that hit the Hawaiian islands did extensive damage and caused flooding, the Hawaii Credit Union League said it has received no reports of damage to any credit union buildings and is unaware of any employees’ homes that were affected. Some CUs are offering emergency assistance.
The series of powerful storms driven by Kona low weather systems triggered some of the worst flooding in Hawaii in more than two decades, inundating communities across Oahu, Maui and other islands, forcing thousands of residents to evacuate and prompting hundreds of rescues. Torrential rains—reaching more than 30 inches in some areas—swelled rivers and turned streets into fast-moving waterways, damaging or destroying hundreds of homes, stranding residents and washing away roads and crops, with total losses expected to exceed $1 billion.
The Hawaii league told the CU Daily that its president, Tim Ashcraft, reached out to credit unions across the state and none indicated their operations had been affected.
Emergency Programs
Several credit unions are offering assistance for any members who need it.
Hawaii USA FCU is offering an Emergency Relief Program with a fixed 4.50% APR for 36 months on loan amounts up to $5,000 ($2,500 for non-homeowning members). It said the loan can be used for unexpected repair expenses, replacement of household items damaged or spoiled from loss of power, and other emergency expenses.
Separately, Lokahi FCU told members that among the ways it is providing support are:
- Basic budgeting and cash flow support to help you map out next steps during a temporary hardship
- Payment relief options for eligible loans, including short-term extensions and longer-term solutions when needed
- Options to lower monthly payments, subject to credit approval
- Penalty fee waivers for early withdrawals on time deposits in eligible situations
- Flexible borrowing options that may help with unexpected expenses, subject to credit approval
