A Message from President and CEO, Mike MacPherson Regarding Lobby Reopenings

June 9, 2020

Dear Members,

It was more than two and a half months ago that I shared with you the details of Freedom’s plans and efforts to keep our employees and members safe during the initial COVID-19 outbreak. During that time, we announced closures of our lobbies, focused branch access to drive-thrus only, and ensured the optimal performance of all digital and virtual platforms.

I want to thank you once again for your patience, understanding and flexibility through these challenging times. We are now actively finalizing steps necessary to begin gradually reopening Freedom branch lobbies, safely and effectively.

Beginning June 22nd, our Swan Creek branch in Havre de Grace, and our Park Avenue branch in Bel Air, will be available by appointment only. Our Fountain Green and Forest Lakes branches will open similarly on June 29^th, or shortly thereafter.

In addition, since now permissible, we are reopening drive thru service at our Edgewood location on June 15th, Monday through Friday from 9am-3pm.

As we implement new precautions to protect you and our staff, any changes required to this timeline will be communicated accordingly. Branch hours, and other details will be posted to the Branch Locations page of our website.

As we begin to expand our in-branch services again, we have considered every aspect of the member experience, with your safety, and our employees’ safety, as our top priority. Some of the changes you will see include:

All lobby access and hours of operation will be by appointment-only. A new appointment scheduler is being created for your use and will be accessible via our Homepage. We will notify you as soon as the appointment scheduler is ready and we begin taking appointments.
- No walk-in traffic will be available during this initial opening phase. All walk-in traffic will be directed to use the drive-thrus.
- Drive-thru service will still operate without appointments
In accordance with Harford County Government guidelines, masks or face coverings will be required at all times while inside the branches.
- You may be asked to quickly pull down your mask to verify your identity
Freedom staff will also be wearing masks or face coverings during your visit
Hand sanitizing stations will be available in the lobbies. You may be asked to use the station prior to your in-branch appointment
Plexiglass guards have been set-up at our teller stations and Financial Services desks
Physical distancing protocols will be in place
Increased cleaning and sanitization in high-traffic areas will be in place throughout each day

I would like to personally thank you, not only for your patience and understanding, but also for all of the positive comments and outreach you have made to me during this unprecedented time. I am truly heartened by the loyalty and commitment you have shown Freedom.

Sincerely,

Michael MacPherson
President and CEO
Freedom Federal Credit Union

Freedom

If you’d have told me last year what 2020 would be like, I wouldn’t have believed you. Yet here we are. From the global impact of the pandemic to the global impact of the tragic events in Minneapolis, we have seen the best and worst in humankind.

Having lived in the 60’s, there is a disheartening familiarity to it at times and though I may have only been a young boy, I was nonetheless cognizant of those dramatic times. Polio vaccines in school, the Vietnam War, civil unrest and so on. Recent events have made me realize just how aware I was back then even though only nine. It’s astonishing how sights, sounds and smells trigger memories long forgotten. I recently awoke with a particular verse playing in my head from a song called “Blowin’ in the Wind” by Bob Dylan which goes:

Yes, ‘n’ how many times must a man look up
Before he can see the sky?
Yes, ‘n’ how many ears must one man have
Before he can hear people cry?
Yes, ‘n’ how many deaths will it take ’til he knows
That too many people have died?
The answer, my friend, is blowin’ in the wind
The answer is blowin’ in the wind

I’m sure, as with all of us, our collective life experience informs who we are and guides us down life’s path. No doubt they are the reason I wound up in a credit union that focuses on improving the lives and experiences of those we serve. They also remind me that Freedom is not just our name; it is a symbol of our commitment to our community.

Our mission of people helping people requires we not be silent in troubled times. It requires we stand united with all people against racism, hatred, intolerance, and injustice. It requires that we stand, as an organization and as human beings, in support of equality, diversity, inclusion, and the well-being of our global community.

Mike

Michael MacPherson
President and Chief Executive Officer
Freedom Federal Credit Union

House Passes HEROES Act

The House of Representatives passed a $3 trillion stimulus bill on Friday, May 15, with a 208-199 vote. The more than 1,800-page legislation, dubbed the Health and Economic Recovery Omnibus Emergency Solutions Act (Heroes Act), would provide another stimulus check to qualifying Americans, extend unemployment benefits, and provide relief to homeowners, among other economic stimuli.

The HEROES Act needs to be approved by the Senate before passing into law. However, the Senate will not be voting on the aid package until after the May 25 Memorial Day recess. In addition, Senate leadership has called the bill “dead on arrival” and many senators have threatened to oppose its passing.

Here’s what’s inside the proposed legislation:

1. Economic Impact Payments of up to $6,000 per household

The second round of stimulus checks included in the HEROES Act are structured similarly to the first payments, with individual tax filers phasing out of eligibility at $75,000-plus, and couples filing jointly phasing out at $150,000-plus.

The proposed second economic impact payment varies from its predecessor in two areas. Firstly, the latest stimulus checks will grant $1,200 for each dependent, regardless of age, for up to three dependents per household. Secondly, immigrants with taxpayer identification numbers will be included in the payments, unlike the first round.

2. Expanded and extended unemployment benefits

While some states have made the first tentative steps toward reopening their economy, a record 33 million Americans are still out of work. The HEROES Act would provide relief to these individuals, offering expanded unemployment coverage of an extra $600 per week through January 2021. The bill also extends eligibility benefits for gig workers, independent contractors, part-time workers and the self-employed through March 2021.

3. Student loan forgiveness

The original plans for a broad $30,000 in student loan forgiveness have been scrapped from the legislation, but the HEROES Act includes the following provisions for student loan relief:

$10,000 in federal student loan forgiveness.
$10,000 in private student loan forgiveness.
An extension of the CARES Act suspension of payments, interest and collections on government-held federal student loans through September of 2021. These protections will also expand to include commercially-held Federal Family Education Loan federal student loans, as well as Perkins loans.
A modification to Public Service Loan Forgiveness that would allow payments made on previously-consolidated federal student loans to potentially count towards the 120 qualifying monthly payments required for the program.

The Democratic House leaders made a last-minute amendment to these provisions, restricting eligibility for student loan forgiveness to students who are “economically distressed.” The term has been defined as someone who, as of March 12, 2020, was delinquent or in default on their student loan, in economic hardship deferment or forbearance on their student loan, or in an income-driven repayment plan with a monthly payment amount of $0.

Rental and mortgage assistance

The HEROES Act will provide $100 billion of rental assistance for the country’s 40 million-plus renters. The funds will be distributed through an existing nationwide grant rental assistance program that would verify a tenant’s inability to pay rent and issue vouchers to cover the cost of rent and utilities. The legislation will also extend the moratorium on residential foreclosures and rental evictions for 12 months.

In addition, the HEROES Act also expands the protection for homeowners included in the CARES Act, providing an additional $75 billion for a homeowner assistance fund designed to prevent mortgage defaults and property foreclosures.

Hazard pay for essential workers

The HEROES Act would establish a $200 billion “Heroes’ Fund” to provide hazard pay to qualifying essential workers. The fund will furnish a $13 per hour pay premium on top of regular pay for “all hours worked in essential industries through the end of 2020.” The hazard pay caps at $25,000 for essential workers earning less than $200,000 per year, and at $5,000 for workers earning more than $200,000 per year.

Other provisions and benefits

The HEROES Act includes several additional economic relief provisions, including:

Close to $1 trillion in direct financial relief for state, local and tribal governments.
$75 billion for coronavirus testing and tracing.
Increased spending on Supplemental Nutrition Assistance Program (SNAP), Temporary Assistance for Needy Families (TANF), and Women, Infants, and Children (WIC).
Debt-collection relief.