JetStream FCU is Always Here for Members in Moments of Need
With the profound impact of COVID-19 on low-income people and communities, credit unions, true to their mission, have stepped up to support their members and communities, playing an important role in their recovery. This is the case for Jetstream Federal Credit Union in Miami Lakes, Florida.
Jetstream FCU is a CDFI, MDI, and Juntos Avanzamos designated credit union serving more than 16,000 members with over $225 million in assets. It is also one of a handful of federal credit unions with a branch location in Puerto Rico
Jetstream FCU has always been invested in the prosperity of the communities it serves. Since 2011, they have received $3.3 million dollars in CDFI grants to support their programs, ranging from small business lending, a resettlement loan program for low-income members, and the Whole Again loan program, an initiative that provided $17 million in consumer loans to replace goods and vehicles destroyed by Hurricanes Irma and María.
Jeanne Kucey, the credit union’s President and CEO. started her career in banking but quickly moved to the credit union world, rising through the ranks in California, Georgia, and Florida. She loves her job, crediting the "incredible team and Board" as instrumental to Jetstream FCU's shared success.
When the pandemic began, though, Jeanne and her team knew there would be changes for their members. After a thorough analysis and weighing of options, Jetstream FCU decided that they would stay open. “We were very concerned about the employees' well-being, and we followed CDC guidelines, social distancing, cleaning, wearing masks. By being so strict, we hoped to stay open and serve our members. We made a push for mobile banking but knew that a percentage would be left out if we limited our operations," said Kucey.
Jetstream FCU's motto during this time was, "We are here in your moment of need." This also meant support for members of other credit unions. Jetstream FCU shared branching activity skyrocketed, earning a recognition from Florida Credit Union Shared Services' annual report. The credit union also launched a multipronged COVID-19 emergency relief program that included emergency loans, lines of credit, a 6-month payment deferral for qualifying loans, and fee waivers. Consumer loan deferments totaled 1,291, for $10.5 million, and fee income was reduced by 32%.
Jetstream saw a reduction of its net income to -$348,011. “We expect positive income next year. For us, this was an investment in our members during their time of need. I am proud of our team and their dedication to serve our members," concluded Kucey.