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Continental FCU Keeps Up Member Relief Amid Airline's Struggles

Continental Federal Credit Union has seen an increase in loan workouts and debt restructuring as a result of Continental Airlines' troubles, including the 1,700 job cuts the carrier announced today.

By Michelle A. Samaad | Updated on July 20, 2009

Continental Federal Credit Union has seen an increase in loan workouts and debt restructuring as a result of Continental Airlines’ troubles, including the 1,700 job cuts the carrier announced today.

Roughly two-thirds of the credit union’s 26,000 member base are Continental Airline employees and their relatives, said Tom Martin, president/CEO of the $182 million financial institution. Continental FCU is offering temporary interest rate reductions, 0% share certificate loans and advice for those considering filing for bankruptcy. The good news is members are increasingly willing to work with the credit union rather than ignore their debts, he added.

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