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Federal budget extended to Dec. 11 Template

October 1, 2015

WASHINGTON (10/1/15)--The U.S. House beat the midnight deadline last night to avoid a government shutdown. The chamber passed a bill approved by the Senate earlier Wednesday, which was then signed by President Barack Obama. The new law will fund the federal government until Dec. 11, by which time Congress and the president must have a deal in place to extend federal funding at least through Sept. 30, 2016.

The Senate voted to approve the bill 78-20, and the House voted 277-151.

The votes prevented a government shutdown, which would have been a second time in three years. In 2013, the government was closed from Oct. 1 through Oct. 16.

Credit unions around the country provided a number of relief programs for their members during the shutdown, including 19 that were outlined in a letter to Rep. Maxine Waters (D-Calif.), ranking member of the House Financial Services Committee.

For example, Congressional FCU of Washington, D.C. initiated a relief program offering members a 0%, 90-day loan that converted to a 4%, 36-month loan after the 90 days.

Many credit unions that serve military members, such as Hanscom FCU of Hanscom Air Force Base, Mass., opened a 60-day line of credit at 0% APR.

Interest-free loans, penalty-free early withdrawals of share certificates, extended terms on existing loans, and allowing missed payments without derogatory credit reports are other examples of how credit unions helped their members during the last shutdown.