Georgia Story Archive

Georgia Credit Unions Continuously Provide Financial Aid for Members During COVID-19

February 22, 2021 — DULUTH, GA. — Credit unions in Georgia have continued to work tirelessly to help members through the financial realities of the COVID-19 pandemic.
The Georgia Credit Union Association (GCUA) – the division of the League of Southeastern Credit Unions & Affiliates (LSCU) representing Georgia credit unions – has surveyed credit unions in the state three times since the onslaught of the COVID-19 pandemic. The results quantify the ways in which the state’s credit unions have helped consumers through this uncertain time. With 17% of credit unions responding, GCUA’s surveys yielded impressive findings.

“This was a trying year for everybody – but credit unions in Alabama, Florida and Georgia worked hard throughout this unprecedented time to help their members afford their everyday lives,” said Patrick La Pine, CEO of LSCU. “At the League, we are so proud of the efforts of our member credit unions. I’m proud to be able to spread the word about the good work they’ve done during the COVID-19 pandemic and beyond.” The GCUA’s COVID-19 Member Engagement Surveys found the following:

  • Credit unions in Georgia have granted at least 25 mortgage loan forbearance and extensions for a total of $2 million.
  • Credit unions in Georgia have granted at least 59 commercial/business loan forbearance/extensions for a total of $10 million.
  • Credit unions in Georgia have granted at least 676 consumer loan payment extensions for a total of $5 million.
  • Credit unions in Georgia have granted at least 61 SBA Payroll Protection Loans that are SBA approved/guaranteed for a total of $2.8.8 million.
  • Credit unions in Georgia have granted at least 4 low-rate emergency loans for a total of $10,000.
  • Credit unions in Georgia have granted at least 4,645 in fee waivers for a total of $6,626.

These numbers are evolving throughout this crisis. GCUA will continue detailing the numerous ways credit unions across Georgia are helping members afford life during COVID-19.

Georgia prize-linked savings legislation passes
April 17, 2019 — After an extensive advocacy campaign by the Georgia Credit Union Affiliates (GCUA), the state legislature passed a bill that would permit credit unions and other financial institutions to offer savings accounts that include a “sweepstakes” component as an option to help encourage savings among members.

To keep the bill moving forward, GCUA testified in hearings, lobbied legislators and held multiple private meetings with key leaders. The bill was amended in the House to strengthen the bill and make it explicitly clear that it was not “gambling,” and work was put forth to fight back against unwanted pro-gambling amendments.

The measure now awaits the signature of Gov. Brian Kemp ( R).

Analysis Shows How Georgia Consumers Benefit From Credit Unions
Feb. 3, 2017 — Members of Georgia’s credit unions received a direct financial benefit of $87 per member and $165 per household for the 12 months ended September 2016 vs. having had the same relationships with banks, according to the Georgia Membership Benefits Report compiled by Georgia Credit Union Affiliates. (CUToday.infoREAD

Georgia Credit Union Members Enjoyed $130 Million in Direct Benefits Last Year
May 5, 2015 – Atlanta, Ga. – Georgia credit union members reaped direct financial benefits of $129.9 million in 2014, according to the semi-annual Member Benefits Index (MBI) released by Georgia Credit Union Affiliates (GCUA).

Georgia Credit Union Affiliates Compiles List of Top 25 Georgia Credit Unions
March 27, 2015 – The Peach State’s 136 credit unions posted strong final quarter numbers, with an overall loan growth of 11.1 percent in 2014.

Georgia Department of Banking and Finance Adopts Final Rules

December 8, 2014 – Atlanta, Ga. – On Dec. 5, 2014, one month after a synopsis of proposed Rules was distributed by the Georgia Department of Banking and Finance (DBF) on Nov. 3, 2014, DBF adopted the Final Rules. Pursuant to OC.G.A. § 50-13-6, the effective date of the Rules will be Dec. 26, 2014, 20 days after the filing of the Rules with the Secretary of State.

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