Credit unions with employees of the Federal Aviation Administration as members have begun offering loans and other measures to members hit by the FAA funding stalemate.
The 47,000-member FAA CU in Oklahoma City has offered affected members 60-day, interest-free loans for 100% of their last paycheck, up to $6,000, before the agency shut down.
The $502 million CU also said it would refund up to $100 in overdraft fees to members impacted by the furlough as well as allowing them to skip up to two payments on any installment loan other than their mortgages during the first 60 days of the furlough, as well as waiving the fee normally charged for skipping a payment.
Recommended For You
The 28,000-member SkyOne FCU in Hawthorne, California has offered its members signature loans of up to $5,000 with a 48-month term, zero interest and no payments for first 90 days. The $340 million CU has also reversed several fees for members impacted by the furlough.
At least 4,000 FAA employees across the country and thousands of other contract workers were left without paychecks when Congress left town earlier this week without having resolved disputes blocking the passage of a bill funding the agency.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
