Apparently, the federal government may shut down soon?! This has totally blindsided me. I thought I would spend the beginning of the Fall watching Steve Martin solve a crime with Selena Gomez and Martin Short, but instead I must watch the news…
If you’re wondering, the news told me that a government shutdown occurs when Congress can’t agree on a budget to fund the federal agencies by October 1 (date of a new fiscal year). I gathered that a shutdown directly impacts consumer jobs, which means your credit union membership and financial health could be at risk. Additionally, some credit unions have branches located in government buildings, meaning the shutdown could affect branch hours and access.
Congress could extend this deadline and delay the shutdown, but I don’t know what comes next. So, you may want to watch or read the news for a more informed explanation.
This may be the perfect time to offer some guidance to federally insured credit unions (FICUs), which may be affected by the looming government shutdown. For starters, in 2011 NCUA provided a guidance letter to FICUs on the verge of federal agency disruption. While this guidance published more than a decade ago, the letter appears to have been modified March 4th, 2020. The letter recommends that credit unions:
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