Misinformation on disaster loan deferments

In the aftermath of Hurricane Michael, misconceptions and misinformation are being disseminated. One of those credit unions are experiencing is that members are being told that according to FEMA, they get a three-month deferment on loan payments due to the natural disaster. In fact, each credit union can establish its own stance on how to […]

In the aftermath of Hurricane Michael, misconceptions and misinformation are being disseminated. One of those credit unions are experiencing is that members are being told that according to FEMA, they get a three-month deferment on loan payments due to the natural disaster.

In fact, each credit union can establish its own stance on how to handle such situations. Many will consider a case-by-case basis to determine the best solution for individual members. Please update your members that  no such mandatory deferment policy actually exists.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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To create an environment that enables credit unions to grow and succeed.

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