Government shutdown

In 2017, the National Credit Union Administration board approved provisions to make mergers more transparent. But one of those changes has become a casualty of the government closure.

With SBA lending at a standstill, many small businesses can't access the capital they need to create and retain jobs, Stephen Steinour says.

The question of what banks are doing to aid government workers shows how the industry is still struggling to rebuild its image following the crisis.

U.S. Commerce Secretary Wilbur Ross said unpaid federal workers could borrow to tide themselves over during the government shutdown rather than call in sick to earn a paycheck elsewhere.

Industry groups and lawmakers have joined bankers in insisting the agency develop a plan to resolve the paperwork problem before the partial government shutdown ends.

The shutdown is keeping the agency from approving about 300 loans per day, according to CBA President Richard Hunt.

For thousands of government employees, credit card bills are coming due for travel and other expenses they incurred before the shutdown.

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Credit union and bank executives say the federal work stoppage hasn’t hit business lines yet, but that could change if things drag on much longer.

Farm Service Agency staff will have three days to work on existing loan applications and provide tax documents for existing loans.