Government shutdown
As the federal government shutdown stretches on, credit unions across the country are mobilizing relief efforts to support federal employees, contractors and their families facing sudden income loss. In California and Nevada, state trade associations announced a relief package offering loan deferrals, emergency loans, fee waivers and financial counseling.
“Credit unions are moving quickly to offer support to federal workers — from TSA agents to air traffic controllers, service members and more,” California’s Credit Unions and Nevada’s Credit Unions SVP of Federal Advocacy Stephanie Cuevas said.
Beyond the West Coast, credit unions in other regions have launched similar programs. In El Paso, Texas for example, FirstLight Federal Credit Union and others are offering zero-interest loans to cover essential bills during the shutdown. Local leaders encouraged affected workers to reach out immediately to their credit unions and utilities.
America’s Credit Unions underscored that many credit unions nationwide are waiving fees, offering new relief loans and extending lines of credit. In Maryland and D.C., credit unions have worked with state and federal officials to rapidly deploy assistance programs.
Industry voices said this coordinated response aligns with the credit union philosophy of “people helping people.” America’s Credit Unions President/CEO Jim Nussle stressed that relief loans, extended lines of credit, waived fees and flexible payment terms are practical steps to protect members’ financial stability during uncertain times.
Meanwhile, the NCUA has confirmed it will remain fully operational during the shutdown and assured credit union members that their deposits remain federally insured.
For furloughed or affected employees, credit union officials said the advice is clear: Contact a credit union and ask specifically about shutdown relief programs.
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