NAFCU Journal September October 2021

31 THE NAFCU JOURNAL September–October 2021 New Orleans Firemen’s Federal Credit Union (NOFFCU) began preparing for what they thought would be a worst-case scenario in January 2020. Because NOFFCU is located in New Orleans, LA, the credit union is no stranger to emergency products. NOFFCU management met regularly throughout the coronavi- rus pandemic and immediately offered services like 90-day loan deferrals, coronavirus relief loans, penalty-free certificate with- drawals and waived foreign ATM fees for out-of-network ATMs to help their membership through the unprecedented time. In addition, NOFFCU worked swiftly to become a registered Small Business Administration (SBA) lender to provide access to pay- check protection program (PPP) loans to members who are small business owners. NOFFCU also created a unique product to ‘cover the difference’ for non-essential employees who were furloughed or received reduced schedules and who could not go without a paycheck. This Faith Fund Emergency Loan was created specifi- cally to help the Our Lady of the Lake hospital network employees. NOFFCU made 189 of these loans totaling over $440,000. In response to the pandemic and seven hurricane events that NOFFCU experienced, the credit union launched a new initia- tive called Financial First Responders aimed at New Orleans Fire and Police departments. Through the initiative, NOFFCU performs financial reviews for members and non-members alike to help guide the community’s first responders into the best financial position. NOFFCU is a CDFI serving some of the lowest income areas in Louisiana. Throughout the pandemic, NOFFCU continued to invest in these areas by opening a new, more accessible branch, which brought with it financial coaching, responsible products, education and community outreach. NOCCFU’s commitment to its members proves that organiza- tions can do what is right for people while still operating a suc- cessful business strategy. NOFFCU is diligent in managing risk and continued this practice throughout the pandemic. Financial education and responsibility are driving forces for NOFFCU’s commitment to service. Credit Union of the Year $250M or Less New Orleans Firemen’s Federal Credit Union Metairie, Louisiana