CUs aid workers impacted by shutdown, CUNA collecting info
America’s credit unions are embodying their structure and mission to ensure their members affected by the government shutdown have access to low- or no-interest loans with generous repayment terms. An estimated 800,000 federal employees and their families are facing financial uncertainty because they aren’t being paid during the shutdown.
CUNA is currently collecting information regarding the assistance credit unions across the nation are providing.
Some of the furlough assistance programs include:
- Zero percent APR interest for 12 months signature relief loan;
- Pay Disruption Assistance Program with mortgage loan forbearances, loan and credit card payment deferments, and short-term low rate loans;
- Online member portals with special furlough loans;
- Preexisting loan deferred payment opportunities for up to 60 days; and
- Cash advances of up to 90% of federal employee’s regular monthly pay.
Credit unions are also helping federal employees who are not yet members have access to these services by welcoming eligible members across the country.
“Credit unions across the country are stepping up to help federal employees and families affected by the government shutdown. Relief programs offering low rates and deferred payments will aid members who are struggling to make ends meet,” said CUNA Chief Advocacy Officer Ryan Donovan. “This is what we mean when we say that credit unions are people helping people.”
Five federal financial regulators are encouraging financial institutions to work with borrowers affected by the federal government shutdown.