$10,000 Grant Awarded to Credit Union for COVID-19 Relief

CONTACT:
Sue Thrash, Marketing & Business Development
Hampton Roads Educators Credit Union, Inc.
2130 Cunningham Drive
Hampton, VA 23666-2502
(757) 838-0707 ext. 107
www.hrecu.org

HAMPTON, VIRGINIA (June 11, 2020) – Hampton Roads Educators Credit Union, Inc. (HRECU) was awarded a $10,000 grant to fund the COVID19 Loan Payment Relief Program (CLPRP). The grant will assist the credit union in helping members financially by deferring their loan payments. Many members, particularly those outside of the teaching profession, are low-wage workers, often minorities, who feel the economic impact of COVID-19 the most.  

“Reduced work hours and sudden layoffs have had a dramatic impact on many of our members,” stated Manager/CEO Karen Orie. “Our goal is to reach out and assist those members financially impacted by the COVID-19 Pandemic.”

The grant is awarded through The National Credit Union Administration (NCUA). Funding for this initiative is provided by the Community Development Revolving Loan Fund, which Congress created to support credit unions serving low-income communities.

“The COVID-19 pandemic will affect federally insured credit unions, members, and communities in a number of different ways,” NCUA Chairman Rodney E. Hood said. “Low-income credit unions serve many communities that are vulnerable to economic and financial disruptions resulting from the virus. The grant funding will help to continue offering quality and affordable financial services to their members and communities.”

ABOUT HAMPTON ROADS EDUCATORS CREDIT UNION, INC:

Chartered in 1954, Hampton Roads Educators’ Credit Union operates one branch located on Cunningham Drive in Hampton, VA, and is a full-service credit union serving school system retirees, staff and students in Gloucester (including municipal employees), Hampton, Isle of Wight, Mathews, Middlesex, Poquoson, Surry, Williamsburg/James City County, Thomas Nelson Community College, Hampton University and the many private schools located in these areas.

ABOUT THE NATIONAL CREDIT UNION ADMINISTRATION:

NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. NCUA also educates the public on consumer protection and financial literacy issues.

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