CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • 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
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • COVID-19
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » ‘It’s the first and only place I would turn’
Shutdown Lending Leadership

‘It’s the first and only place I would turn’

Members thankful for assistance during government shutdown.

February 4, 2019
Ron Jooss
No Comments
CUs come to financial rescue as government shutdown continues

Diane Gibson chuckles a little when asked where, aside from her credit union, she would have turned for financial help during the recent government shutdown.

“Nowhere,” says Gibson, a member of Canvas Credit Union in Lone Tree, Colo., and an administrative assistant with the U.S. Forest Service. “It’s the first and only place I would turn.”

Gibson turned to Canvas for a loan during the shutdown “just to get us through.”

Canvas processed 20 “Helping Hand” loans totaling $94,000 during the shutdown and allowed members to skip 171 monthly loan payments on 86 loans for 80 members.

“We created our Helping Hand program to better assist our members and our Colorado community,” says Tansley Stearns, chief people and strategy officer. “Our goal is to offer as much assistance to our Canvas family as possible in all situations.”

Canvas member Marcellus Goodwin, a senior program specialist with the U.S. Department of Agriculture, also received financial assistance from the credit union during shutdown.  “There was no one else I considered,” Goodwin says. “They were someone I trusted.”

Much of that trust is built on long-term relationships. “I’ve been a member of this credit union since I was in college. We’re talking 25 years, plus,” says Sean Petracek, a supervisory tax analyst with the Internal Revenue Service, who received a loan from the credit union during the shutdown.

Terry O’Rourke, CEO of United Federal Credit Union in St. Joseph, Mich., says government employees began seeking financial assistance during the third week of the government shutdown. United serves employees of the U.S. Coast Guard, U.S. Department of Interior, and federal prisons.

“They really needed one of a couple things,” O’Rourke says. “They needed a personal loan to replace the income stream they were missing from their paychecks or they wanted to minimize their cash outflow through loan deferments. The goal was to maximize their cash on hand given their lack of income.”

O’Rourke says these members were “extremely grateful” for the service. At the same time, members who were not affected by the shutdown also recognized the credit union for its service.

“We got a lot of positive feedback through social media,” O’Rourke says.

Kinetic Credit Union in Columbus, Ga., processed eight loan extensions and provided two loans to furloughed members.

“We wanted our members to have peace of mind during a time that significantly impacted their lives,” says Mark Littleton, president/CEO. “Kinetic will always support our government workers and their families when they need it most.”

Hiway Federal Credit Union in St. Paul, Minn., provided about a dozen loans and 23 loan deferments to members affected by the shutdown. “We wanted to make it easy for members,” says Jack Lundberg, vice president of consumer lending. “So when they reached out to us there wasn’t a big decision process if they wanted to get a loan or skip a payment.”

Lundberg says members appreciated the service. “That’s why people belong to credit unions. They know we’ll be there when they need us the most.”

►See how other credit unions assisted members during the federal government shutdown

KEYWORDS credit union government shutdown shutdown

Post a comment to this article

Report Abusive Comment

Credit Union Magazine - Winter 2020

Winter 2020

Credit Union Magazine’s Winter 2020 edition features CUNA’s 2021 lending outlook, CEO insights on adjusting to the pandemic, and board recruitment strategies.
Digital Edition •  Subscribe

Trending

  • Compliance: 2020 Year in Review, Checklist now available

  • NCUA proposes raising threshold for ‘complex’ CUs

  • 5 fraud predictions for 2021

Tweets by CUNA_News

Polls

Will you ask employees to receive the coronavirus vaccine?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is 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

  • About
  • Careers
  • Contact Us
  • Recommended Websites
  • Privacy Policy

Resources for

  • CUNA Board Members
  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors