A bill passed Oct. 5 by the House of Representatives that would grant back pay to furloughed federal employees in the government shutdown stalled in the Senate. As of Oct. 10, the Democratic-controlled Senate had yet to vote on the bill, which passed 407-0 in the Republican-controlled House.
Service CU says more than 1,400 DOD civilian employee members have been credited with direct deposits. Justice FCU lends nearly $8 million.
In a timely save, USAA picked up the Air Force football team’s travel tab to Annapolis, Md., for its contest with Navy last weekend.
While the government shutdown continues, many federal employees are turning to their credit unions for assistance.
Promising to cover direct deposits, offering low-interest loans.
Credit unions are establishing phone hotlines, educational workshops, special loan programs, savings options and reduced fees.
Last week, 700,000 Department of Defense civilian employees began taking once-a-week furlough days that will cut their pay by roughly 15%. How will the temporary pay cuts affect credit unions?
New Hampshire credit union builds new landmark headquarters in coastal city home.
Two percent of FCUs are military-based but they represent 21% of FCU assets and may feel the pinch of federal furloughs.
Downsizing, cuts add to concern, according to First Command Financial Behaviors Index.