HOLLYWOOD, Calif. — Credit unions established to serve actors, writers, musicians and other employees of the nation's entertainment industry report that the ongoing waves of labor disputes this year have had remarkably little impact, so far, on their members.
In New York, the $91 million Actors Federal Credit Union put a short term emergency loan into place to help members who might have been affected by the 18-day strike of stage hands with contracts at many of the Broadway theaters. But the relative shortness of the strike meant that few members needed to use those loans.
The Writers Guild, by contrast, remains on strike in Hollywood for about eight weeks now, but a CU which serves their union says that, so far, there has not been very much demand for their strike related products.
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"We have a couple of lines of credit that members can use as well as short term loans of $5000 that they can defer payments on," explained Mark Jacoby, CEO of the $80 million Musicians Interguild Credit Union, headquartered in Hollywood. "But so far there has not been much demand as the members have been drawing on savings," he said, adding that he expected demand for the CUs strike products might increase as the work stoppage continued.
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