FARMERS BRANCH, Texas–The Cornerstone Credit Union Foundation said it is prepared to help any credit unions and/or CU employees who have been effected by the storms, flooding, and tornadoes that have hit the Dallas-Fort Worth area.
“In times of crisis, the Foundation is here to help our credit unions and their staffs get back on their feet so that they in turn can be there for their members," said CSCUF Executive Director Courtney Moran in a released statement.
The Foundation reminded that its Disaster Relief Program is carried out in three phases.
Phase One
Emergency grants are provided to credit union employees to assist with immediate disaster relief needs, such as out-of-pocket costs that may result from being evacuated. These grants are up to $500 per credit union employee, up to 60 days after the disaster struck. The intent of these grants is to help stabilize the credit union employee's individual situation so they are able to return to work.
Phase Two
Disaster relief grants are intended to assist credit union employees with significant needs. Phase Two will be implemented following the distribution of Phase One grants. Amounts of grants will be dependent on the amount of disaster relief funds available, but usually range from $1,000 – $5,000. CSCUF will issue a call to the CEOs of affected credit unions for Phase Two grant applications, beginning 90 days after disaster has struck.
Phase Three
Phase Three grants are intended to follow up with those credit union employees who suffered catastrophic loss and are still needing assistance after Phase Two grants have been distributed. Phase Three will begin 180 days after the respective disaster.
The Cornerstone Credit Union League serves credit unions in Texas, Oklahoma and Arkansas.