The $308 million, 34,900-member CommonWealth One Federal Credit Union in Alexandria, Va., is offering individualized attention to any of its 34,900 members affected by the federal budget cuts known as sequestration.
An online debt analysis and budgeting tool is being offered on the credit union’s webpage and a hotline has been established to allow members to easily contact the credit union to discuss a solution that fits their needs, CommonWealth One said.
The first step in the process is for the member to understand their financial situation before they can factor in the effects of sequestration on their income,” the credit union said in its announcement.
“We’re here to help our members through the challenges of facing a reduced income,” said Ashley Baldeon, marketing manager. “We thoroughly support ‘people helping people’.”
CommonWealth One has branches in downtown Washington, D.C., and in Alexandria and Harrisonburg, Va., including at James Madison University, and is open to membership to anyone who lives, works, worships, goes to school, or volunteers in the District of Columbia, the cities of Harrisonburg and Alexandria or Warren and Clarke counties, as well as more than 200 SEGs.
A number of other credit unions have announced special loan terms for members affected by the sequestration budget cuts.