On Friday, 24 April, the Board of Directors of the CICSA Co-operative Credit Union approved the extension of loan payment deferral from May – July. These loan payment deferrals will be for Members in good standing.
This an update from the previous announcement in March when the first set of COVID-19 financial assistance measures were announced. Those initial steps included lowering interest rates as well as loan payment deferrals for April, and up-to-3-months deferrals on a case-by-case basis.
In addition to the automatic loan payment deferral for April, the Credit Union will extend automatic payment deferrals an additional 3 months from May - July. This is a total of 4 months of automatic deferrals for all Members in good standing.