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U.S. Department of Education in Washington, D.C. (Image: Shutterstock).

Member-aid programs have rolled out across the country in response to the government shutdown, but for many credit unions such as Alexandria, Va.-based Democracy Federal Credit Union, which caters heavily to federal workers, those programs may have an especially big influence on the financial health of the member base. That’s putting a lot of pressure on executives and leaders to deliver top-notch operational planning, coordination and execution.

Democracy FCU which has $149 million in assets and about 14,700 members, serves employees of the Department of Health and Human Services, the Department of Education, the Social Security Administration, the Federal Energy Regulatory Commission and the FDA, among other groups. There have been so many government shutdowns over the years (21 since 1976, Democracy Operations Manager Antoine McStay noted), that in 1996 the credit union created a “National Event Program.”

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Tina Orem

 

Credit Union Times

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