WASHINGTON With a government shutdown more likely after this weekend’s efforts by Congressional Republicans to block funding for Obamacare, credit unions are reaching out to support members if a work stoppage occurs.
A number of credit unions are now posting on their websites that they are standing by to offer relief. Credit Union Journal reported late last week that several CUs were planning assistance, but that many did not foresee a government shutdown.
The $5.5-billion Randolph Brooks FCU, Live Oak, Texas, explains that it will provide government employees or benefit payment recipients with a one-time interest and fee-free “provisional credit.” RBFCU said it will notify eligible members of their options.
"Hard-working government employees and military families should have access to financial resources as we wait for Washington to come to an agreement on spending," stated Sonya McDonald, RBFCU SVP of planning and market development, on the CU’s website.
The $1-billion Harborstone CU, Lakewood, Wash., informs members that if a shutdown occurs, it has programs in place to assist, including low interest rates and terms on new consumer loans, deferred payment loans, modification of existing consumer loans and penalty-free early CD withdrawal.
The $73-million US Agencies CU, Portland, Ore., is advertising a “Furlough Assistance Program,” which allows eligible members to skip up to two payments for all non-real estate loans with original terms of 10 years or less, and one payment for home equity loans with balances up to $150,000 and original terms of ten years or less. The CU also offers a payday loan up to $5,000 with the first payment delayed 60 days.
Greg Smith, CEO of $4.1-billion Pennsylvania State Employees CU, Harrisburg, Penn., shared with Credit Union Journal his CU’s outlook on how it will assist members if a work stoppage occurs. “If members come to us during a government shutdown, we’ll work with them just like any other member who had some work issue foisted upon them.”
