NAFCU: Credit unions provide millions in loans during government shutdown; Some offer full-pay deposit
WASHINGTON, DC (October 11, 2013) — National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger hailed credit unions’ response to their members who are military servicemembers and civilian employees affected by the government shutdown.
“As not-for-profit, member-owned financial institutions, credit unions have always put their members first, and they have ramped up their exceptional service to help members during this federal government shutdown in many ways,” said Berger.
“One credit union has authorized one million dollars a day in loans since the shutdown began, and another is crediting members full pay in their direct deposits. Still, others are offering an array of programs and services to mitigate the negative impact of the shutdown, including payment forgiveness, penalty waiver programs and zero percent lines of credit.
“Credit unions recognize the financial stress that the shutdown has caused their members and are customizing programs to mitigate the negative impact. The response from members has been steady, and it is expected to escalate with the first shutdown-affected payday.”
“Credit unions recognize the importance of financial stability for credit union members and our country. Financial instability can jeopardize security clearances of government employees or military servicemembers. Credit unions will work diligently to safeguard the financial well-being of their 96 million members.”
Each credit union tailors its services and programs to the needs of its membership, so members are encouraged to visit their institutions’ websites or to call and find out what may be available. While many federal buildings are closed, members can still access their credit union accounts through their ATM networks, offices and branches located outside government facilities, shared branches, online and by phone. For a listing of credit unions offering assistance for members affected by the government shutdown, please visit www.nafcu.org/shutdownassistance.
To find ATM locations and shared branch locations, credit union members can go to their credit union’s website or contact their institution.This information can be found at www.CULookup.com.
The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.