Minnesota’s Credit Unions announced that they will offer 90-day mortgage forbearance to members experiencing financial hardship due to the COVID-19 pandemic.
Since the beginning of the pandemic, Minnesota’s Credit Unions have been assisting members.
As of the end of May, Minnesota’s credit unions had already:
Twenty seven Minnesota credit unions have signed on to an agreement with other financial institutions to provide a uniform set of mortgage relief options.
Under the agreement with Minnesota Attorney General Keith Ellison, Governor Tim Walz, and Lieutenant Governor Peggy Flanagan, participating credit unions will offer:
“When I saw what assistance measures our elected officials were proposing, I was immediately proud. Affinity Plus, and many of our fellow Minnesota Credit Unions, are already doing what was being asked to help our members,” said Dave Larson, president/CEO of Affinity Plus Federal Credit Union.
“I’d like to thank Governor Walz and Attorney General Ellison and their teams for working on the critical issue of mortgage relief. This agreement speaks to the essence of why credit unions exist; to support our members. By participating in this program Wings Financial will do as we’ve always done, and that’s watch out for the financial best interests of our members.” said Frank Weidner, president/CEO of Wings Financial Credit Union.
“As not for profit financial cooperatives, it’s part of our DNA to help consumers through tough times,” Mark Cummins, president/CEO of the Minnesota Credit Union Network said. “Since the COVID-19 pandemic reached Minnesota, the state’s credit unions have provided hundreds of thousands of their members relief from mortgages, auto loans, credit card payments and business loans. Minnesota Credit Unions are proud to participate in the Mortgage Forbearance Relief Agreement and are committed to meeting the financial needs of consumers through this evolving situation.”
Participating Minnesota credit unions include: