After a 7.8 magnitude earthquake hit Ecuador’s northern coast and credit union services were severely impacted, the Cornerstone Credit Union Foundation Grants Committee approved a $3,500 donation to the International Credit Union Disaster Relief Fund.
The World Council of Credit Unions (WOCCU) states that the earthquake damaged 26 credit unions, affecting 252,343 members in the region. WOCCU says power outages, broken communication lines, and damage to physical infrastructure is preventing credit union members from accessing their financial resources such as savings, remittances, and payment systems. According to reports, this earthquake is Ecuador’s deadliest and worst disaster in years.
“Our hearts go out to everyone who has been impacted by the Ecuadorian earthquake,” notes Cornerstone Credit Union Foundation Executive Director Courtney Moran. “They have a long road to recovery ahead of them, and just as the credit union community has come to our aid when hurricanes, fires, flooding, and tornadoes have devastated our region, we are here to help our credit union family in Ecuador.”
While WOCCU will provide immediate relief to credit union staff thanks to a generous contribution from CUNA Mutual Group, contributions from credit union supporters across the world will help to rebuild credit unions and individuals’ lives that have been devastated. The Cornerstone Credit Union Foundation is committed to the credit union philosophy of "people helping people," and stands ready to support credit union communities when disaster strikes.