Relief Funding Builds Among CreditUnions

WASHINGTON - (09/08/05) -- Credit unions continued to opentheir pocketbooks and hearts for victims of Hurricane Katrina, nowprojected as the biggest natural disaster to hit the U.S., in termsof damages and lives lost. The credit union movement has pledged asmuch a $3 million in the few days since the immensity of the damagehas emerged. PSCU Financial Services, the funds processor owned bymore than 500 credit unions, announced a $250,000 contributionWednesday, $150,000 of it directed to the American Red Cross,$75,000 for member credit unions in affected areas, and $25,000 forthe National CU Foundation. PSCU plans to dedicate tens ofthousands more to disaster relief by dedicating 1% of interchangeincome to relief efforts. Southwest Corporate FCU also saidWednesday it is donating $100,000 to the Louisiana CU League'sDisaster Relief Fund. Six Texas credit unions, including EECU,GECU, Firstmark CU, United Heritage FCU, Texas Dow ECU andUniversity FCU, have agreed to donate $25,000 each to the HurricaneKatrina Disaster Relief Fund. North Island CU, in San Diego,pledged $17,000 Wednesday, $12,000 to the Red Cross and $5,000 tothe NCUF. The NCUF said it has raised more than $1.3 million, whichit will use to help credit union employees and members recover fromthe devastation.