Defense Credit Unions Provide Support During Government Shutdown
Friday, January 18, 2019
WASHINGTON, DC (January 18, 2019) - The partial federal shutdown is impacting furloughed government employees including members of our United States Coast Guard. As the shutdown continues, furloughed workers are relying on their financial institutions, community outreach, and food pantries for assistance.
Many Defense Credit Unions are reaffirming their dedication and commitment to their communities by reducing the financial burden of the furlough on their members. “Supporting members and the broader community during the partial government shutdown is part of our ‘people helping people’ philosophy,” says Ray Springsteen, CEO of Fort Knox Federal Credit Union.
"We want to help alleviate the financial stress that a shutdown like this could cause our members.” said Ron Belle, Chief Experience Officer for AmeriCU. “We’re doing everything we can to make sure we’re here for our members with the right assistance and services when and where they need it.”
Arkansas Federal Credit Union members with pre-established checking accounts at Arkansas Federal Credit Union in good standing with a direct deposit from the U.S. federal government may be eligible to get a short-term, interest-free loan. “We don’t want our members to worry about their financial well-being due to circumstances beyond their control,” said Rodney Showmar, president and chief executive officer of Arkansas Federal Credit Union.
In addition to financial assistance many defense credit unions are offering financial counseling to government employees whose payroll is affected be the current government shutdown. “If your pay is disrupted by this shutdown, we want to help ensure that your life isn’t,” says Financial Center’s Chief Operations Officer, Sven Leander. “Whether you are a current Financial Center member or not, we have solutions to help you.”
Scott Credit Union is offering a six-month, 0% APR Government Shutdown Loan to members who are government and civil service employees working without pay during the government shutdown. “If Congress does not act to prevent it, many of our members could face economic hardships,” said Scott Credit Union President & CEO Frank Padak. “We stand ready to help our members, especially those who work at Scott Air Force Base and could be out of a paycheck until it is resolved.”
As CUToday.info reported, Navy Federal Credit Union in Vienna, Va. said it has enrolled 11,000 members in a program that offers a 0% loan on amounts up to $6,000 and made deposits into the accounts of more than 1,000 members who missed their checks last week.
“A government shutdown doesn’t just affect the government, it affects the lives and wallets of the hardworking men and women that serve our community and country,” said Bill Birnie, President and CEO of Frontwave Credit Union. “We have created government shutdown relief loans and payment deferments programs on existing Frontwave consumer loans to help our members stay on their feet and keep their finances in order.”