TRAVERSE CITY, MI (January 23, 2019) — True to its commitment to deliver tailored financial solutions to its more than 80,000 members, 4Front Credit Union has worked closely with impacted individual credit union members since the early days of the ongoing government shutdown.
With the crisis surpassing 30 days, the Traverse City-based financial cooperative has formalized a comprehensive support package intended to deliver flexible relief to affected federal government employees. This relief is intended to assist both types of impacted federal employees – those who are furloughed (required to take unpaid time off) and those “excepted” from furloughs (required to continue to work without pay).
True to its commitment to deliver tailored financial solutions to its more than 80,000 members, 4Front Credit Union has worked closely with impacted individual credit union members since the early days of the ongoing government shutdown.
With the crisis surpassing 30 days, the Traverse City-based financial cooperative has formalized a comprehensive support package intended to deliver flexible relief to affected federal government employees. This relief is intended to assist both types of impacted federal employees – those who are furloughed (required to take unpaid time off) and those “excepted” from furloughs (required to continue to work without pay).
The support package, available at each of 4Front’s 14 locations, includes three components which may be utilized independently or in concert with one another:
•A no-fee, zero percent-interest payroll advance loan, with a term extendable until the federal government restores pay and furnishes back pay. This loan functions as a penalty-free salary replacement for affected federal employees and is available to any impacted federal employee eligible for 4Front membership.
• A no-fee loan payment waiver for current 4Front loans until pay is restored and back pay supplied. This waiver provides impacted families important cash flow relief during a challenging financial circumstance.
• A no-penalty early withdrawal from 4Front certificates of deposit. This final component may appeal to those impacted who prefer to forgo additional loans and/or loan waivers.
“For many, this has become a time of crisis,” said 4Front CEO David Leusink. “Impacted federal employees aren’t simply in a crunch over loan payments, but also everyday living expenses like groceries, fuel, utilities, and housing payments. As a non-profit financial solutions provider who takes its responsibilities to our communities very seriously, it’s our obligation to help impacted families during this time of need.”
Per the Credit Union National Association (CUNA), 4Front Credit Union is one of dozens of credit unions across the country that are stepping forward with resources to ensure their communities effectively weather this extended challenge.
For more information on shutdown aid available from 4Front, visit 4frontcu.com/shutdownhelp.
Celebrating over 70 years in Michigan, 4Front Credit Union serves over 100,000 members, with assets of over $1.2 billion and 20 locations. As a not-for-profit cooperative, 4Front prides itself on making banking smart and simple for its members, wherever they are on their financial journey. Membership eligibility is open to anyone who lives, works, attends school, or worships in Michigan. Visit www.4frontcu.com
Media Contact:
Meghan Morelli
231.932.5252 | mmorelli@4frontcu.com
