Frontwave Briefing | Third Quarter 2020

Briefing Frontwave Credit Union Member Newsletter | Third Quarter 2020

health recommendations by requiring everyone to wear masks and practice social distancing. We’re also limiting the number of Members allowed in a branch at any one time. I get it! It’s an inconvenience. I don’t like it either. I would far prefer shaking your hands and seeing your big smiles. But I assure you, these measures are in place to protect YOU, our valued Members, and our incredibly dedicated employees – we call them Dream Makers and you’ll see why in just a moment. Not able to make it to one of our branches? You can still use online and mobile banking for all of your day-to-day transaction needs from wherever you may be. Our communities are slowly beginning to reopen businesses and for most of us, the future looks a lot different than it did just a few months ago. But we’ll get there! We’re beginning to see what that “new normal” we’ve been hearing so much about looks like. Times may have changed, but one thing remains the same — we fight for our Members and our communities! As I’m writing this, we’ve helped over 1,650 Members affected by the pandemic extend their loan payments through Skip-a-Pay, Loan Extensions and Mortgage Forbearance. Altogether that’s over $44 million in loans! And while we had never done SBA lending before this pandemic, we figured it out! To date we have aided over 169 local businesses get through these challenging times by funding more than $6 million in loans via the Paycheck Protection Program. The old Rule of Thumb was that you should have three months of income in savings to weather financial storms. I bet most of us are starting to think that six months should be the new Rule of Thumb. I know I said it in the last newsletter, but I’m going to keep beating this drum. I can’t stress enough the importance of saving to build your emergency fund and prepare for retirement. A lot of folks’ budgets are stretched a little thin right now, and it may not seem like there’s much left over to

The California Consumer Privacy Act (CCPA) gives California residents the right to request what personal information businesses collect, share, or store, and to request certain information be deleted. Be advised that Frontwave does not sell member information. For a full disclosure of your CCPA rights, please visit our website at www.frontwavecu.com. To submit a request regarding what personal information we do collect, share and store, please visit our website and click on the “Your rights under CCPA” link. You can also call us at 800.736.4500 to submit a request or for any questions you have regarding your CCPA rights. Important Notice save. We want to help you get there. With interest rates at historic lows, could you shave a little off your car or mortgage payment by refinancing with Frontwave? How about your credit card? Are you carrying high-interest debt and want a better deal? Spending less on interest and redeploying those dollars into your emergency fund or retirement is a good thing! Give us the opportunity to see if we can help you make it happen. We also want you to keep dreaming big! If you’re ready to buy your first home or move up to something bigger, we’ll help you grab your slice of the American dream. If the open road is calling, we’ll help get you into the car, truck or SUV of your dreams. If you need advice on getting your retirement plan back on track, we got your back. Big or small, whatever your financial goals, we’re here for you. Our mission is to “Make Financial Dreams Come True!” It really is that simple. Our Dream Makers are ready! What are you waiting for? Give us a call, stop by a branch, or login online and let’s get started on yours today! Thank you for your Membership!

Bill Birnie, President/CEO Notes from the CE0

I don’t think any of us will ever forget the year 2020. It has indeed been challenging and impactful. And we’re only halfway through the year! What’s next? Oh, snap! We still have an election coming. Many years ago, I read an article in which the author was voicing her opinion that every citizen has a responsibility to vote. Not just a right to vote, a responsibility. I believe that to be true, and I hope that all citizens will take the time to assess the candidates at all levels of government, make their individual decisions, and cast their ballot. Vote! It matters! It matters a lot! As a critical provider of financial services, Frontwave Credit Union has remained open throughout the coronavirus pandemic. The evolving environment and guidance certainly required flexibility and, unfortunately, the resulting staffing challenges required us to temporarily close three branches. But I am pleased to report that as of the end of June, we’ve returned to nearly full branch operations. Only our School of Infantry Branch on Camp Pendleton remains temporarily closed, with the expectation of being operational in July. If you visit a branch today, you’ll find the experience a little different. To help prevent the spread of the coronavirus, we continue to fully comply with public

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