Without having been asked by the government, credit unions are doing the right thing and assisting the federal workers furloughed by the federal government shutdown, CUNA wrote to Rep. Maxine Waters (D-Calif.) Wednesday. Waters, chair of the House Financial Services Committee, reached out to CUNA for information on how credit unions are assisting those affected by the federal government shutdown.
“Every day, credit unions help their members afford life and, in times of financial crisis, they help them survive. Many have a long history of providing assistance to their members affected by federal or state government shutdowns, plant closures and company furloughs, mergers and failures. It is what we do,” wrote CUNA President/CEO Jim Nussle. “During times of financial crisis, a credit union’s support of its members helps to keep food on the table, gasoline in the car, children in daycare and families in homes. This government shutdown is no different.
We estimate there are at least 500 credit unions that serve a field of membership that includes federal, state or local government employees. The number of credit unions that serve one or more government employee is significantly higher. Credit unions are honored to stand with their members affected by this shutdown, and proud that, unlike other financial services providers, no one had to ask us to do so,” Nussle added.
Nussle highlighted many ways credit unions are assisting affected members, including
The letter also includes CUNA’s list, current as of Wednesday morning, detailing the hundreds of credit unions in all 50 states offering special services to members affected by the shutdown. The list is available on CUNA’s Shutdown Assistance homepage, and will be updated continuously.
“As the shutdown continues, credit unions’ ability to provide this assistance during a prolonged shutdown depends increasingly on the National Credit Union Administration’s willingness to accommodate the widespread nature of this extraordinary activity,” Nussle wrote. “NCUA has joined with other federal financial regulators to encourage assistance, but we know there are limits to their willingness to accommodate and our members’ ability to provide this assistance. It is critically important that Congress and the administration work to restore funding and reopen the government.”
This letter is part of CUNA’s continued engagement with leaders on Capitol Hill about the many ways credit unions are helping those in their community affected by the shutdown