Northwest Federal Credit Union in Herndon, Va., will provideloans up to $10,000 at zero-percent interest for any members whomay be affected by layoffs resulting from the federal governmentsequester, scheduled to begin on Friday.
|In addition, Northwest, with 126,000 members and $2.5 billion inassets, will waive early withdrawal penalties on CDs for memberswho may need immediate access to those funds.
|Northwest also said it can offer counseling assistance tomembers who have fallen on hard times to help them manage theirfinances.
|The loan-assistance move by Northwest follows similar actions atleast two other credit unions. Tobyhanna FCU in Scranton, Pa., will offer furloughed membersloans of up to $7,000 at no interest, and the option to skip up tofour payments on existing loans without penalties.
|Belvoir FCU in Woodbridge, Va., said it is offeringlow-interest emergency loans and penalty-free skipped loan paymentoptions to furloughed members, should Congress fail to come to anagreement to stave off automatic budget cuts and governmentemployee layoffs.
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