WASHINGTON--With the federal government shutdown putting servicemember and federal employee paychecks—and their financial stability—at risk, credit unions are stepping up to help members weather the disruption, America's Credit Unions reported.
The Senate attempted another vote Monday evening to advance the House-passed continuing resolution to fund the government through Nov. 21, but it failed.
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Washington, D.C., and its metropolitan areas have hundreds of thousands of federal employees, and the MD|DC Credit Union Association is engaging with federal, state, and local governments to explore ways credit unions can help, ACU said.
“As it started to look like a shutdown was really going to happen, our credit unions didn’t hesitate, they mobilized quickly, putting assistance programs in place to help members. We heard from the Maryland Governor’s Office and from members of our congressional delegation who were looking for information to share with impacted constituents,” said John Bratsakis, president/CEO of the MD|DC Credit Union Association. “Though our advocacy work and the trusted relationships that we have built – along with the America’s Credit Unions and the League system, policymakers know credit unions are on the front lines, ready to help, especially in challenging times. From day one - even hour one – credit unions were putting members first. That’s what credit unions do every day.”
Credit unions are reaching out to members, outlining the services available and encouraging them to reach out for help. Valley Strong Credit Union in Kern County, Calif., initiated Special Assistance Resources for Federal Employees
“At Valley Strong, we recognize the urgent financial challenges some of our Members face during a government shutdown,” said Nick Ambrosini, Valley Strong president/CEO. “Our Federal Employee Assistance Resources are designed to provide reassurance and support, offering relief options such as 0% interest loans and deferred payments to help our Members bridge the gap in uncertain times. We remain committed to standing by the communities we serve, ensuring they have access to the resources they need.”
AmeriCU Credit Union, based in Rome, N.Y., has deep military and government roots across the 24 counties it serves. It rolled out 0% APR loans, fee and penalty relief, penalty-free loan postponements, the ability to skip loan payments, and penalty-free share certificate withdrawals.
“We have been here to support our members for 75 years, and this time of uncertainty is no different,” said Ron Belle, president/CEO. “We want to help lessen the strain as much as we possibly can.”