TEMPE, Ariz. — Suspecting that job cuts were coming, $200 million Continental Federal Credit Union already had plans in place for the 3,000 Continental Airline employee layoffs announced yesterday from the carrier.

Continental Airlines said recent fare increases were not enough to overcome the continued surge in oil prices and as a result, about 3,000 jobs would be eliminated through voluntary and involuntary separations. The reductions will take effect after the peak summer season, except for management and clerical reductions, which will begin sooner, the airline said. Continental Airline Chairman and CEO Larry Kellner and President Jeff Smisek said they will not take salaries for the rest of the year and have also declined any payment under the annual incentive program for 2008.

Meanwhile, Continental FCU is getting a jump on the job cuts by rolling out its member assistance program. Interest roll backs, payment skips and lower rates on new loan offerings are scheduled to come soon, said Tom Glatt, president/CEO. The credit union will also have a drawing each month with the winner having their loan payment paid for that month.

“Our primary focus is how do we help people when they need it most,” Glatt said. “For some [financial institutions], it's been about how do we get out of the business [of helping people].”