CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Credit Union Magazine
    • Buyers' Guide
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » Maxine Waters calls on financial groups amidst shutdown; Credit unions already on the ground
Press Shutdown

Maxine Waters calls on financial groups amidst shutdown; Credit unions already on the ground

January 23, 2019

FOR IMMEDIATE RELEASE    

CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; lwilliams@cuna.coop     

Washington, DC (January 23, 2018) – Credit Union National Association (CUNA) today sent a letter to House Financial Services Committee (HFSC) Chairwoman Maxine Waters in response to her recent call on financial institutions to assist those affected by the federal government shutdown. America’s credit unions, without having to be prompted, are embodying their philosophy of “people helping people” by ensuring that all credit union members have access to low- or no- interest loans with generous repayment terms.  

CUNA estimates that 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 employees is likely significantly higher.  

“Without having been asked by the government, credit unions took immediate action and responded to the needs of their members facing financial crisis as a result of the shutdown,” said president/CEO Jim Nussle. “Credit unions are on the ground helping those affected on a widespread basis and are honored to stand with their members during this time.” 

Credit unions across the country have stepped up, providing assistance and solutions to their members by:  

  • Offering zero interest personal loans; 
  • Extending existing loans; 
  • Providing free financial counseling, debt management and financial education; 
  • Waiving early withdrawal penalties on certificates of deposit;  
  • Allowing members to skip a payment on current loans;  
  • Offering loan modification programs; 
  • Providing credit protection services; 
  • Offering loans matched to pre-existing direct deposit; 
  • Providing mortgage loan forbearance; 
  • Increasing credit lines temporarily; 
  • Supporting community efforts to provide assistance; and 
  • Offering individual financial solutions. 

“Now, it is time for Congress and the administration to do the right thing by reopening the government, paying public servants, and getting on with the country’s business,” Nussle added. “Americans deserve a swift and complete resolution to this crisis that is the government shutdown.”  

CUNA is currently aggregating a list of hundreds of credit unions that are offering assistance to their members, updating the list daily as responses are received.  

The letter also addresses the critical role of the National Credit Union Administration (NCUA) in their willingness to accommodate the widespread nature of activity during the shutdown. CUNA acknowledges the limits in place to the regulator’s willingness to accommodate and credit unions ability to provide financial assistance.  

 

###        

 

About CUNA:          

Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 115 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org  

Credit Union Magazine: Winter 2023

Winter 2023

The Winter 2023 issue of Credit Union Magazine explores award-winning marketing, board training on a budget, developments in instant payments, service to small businesses, and NCUA’s final rule on member expulsion.
Digital Edition •  Subscribe

Trending

  • Overtime proposal could have negative impacts on small, rural CUs

  • Chopra testimony, House 1071 rule disapproval vote this week

  • Nussle: Interchange bill puts consumers on hook for big box profits

Polls

How do you feel about the economy in 2024?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us