Credit Union National Association sent a letter to House Financial Services Committee 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.
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.