NC/SC credit unions among national effort to aid federal workers impacted by shutdown
Wednesday, January 23, 2019
Posted 1/14/2019 12:55:00 PM
Updated 1/23/2019 5:13 PM
America’s credit unions are embodying their structure and mission of “people helping people” 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.
Credit Union National Association (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 signature relief loan 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.
In the Carolinas, United Federal Credit Union (North Carolina) and Palmetto Trust, A Division of Self-Help Credit Union (South Carolina) are among those extending loan assistance to members impacted by the shutdown.
“When unexpected circumstances impact our members’ lives, United steps up to help them through it,” said United FCU’s Chief Innovation and Marketing Officer Erin Hennessy. “Even a slight disruption in someone’s finances can be stressful, especially when it concerns their job. United makes relief programs like these available so our members can breathe a little easier when times are uncertain.”
“In 1995, when the federal government shutdown for twenty-one days, our officials and staff wanted to assist members who were not being paid,” recalled Palmetto Trust President Lucile Beckwith. “Members’ child-care cost, fuel cost, food cost, mortgages, and other bills needed to be paid and we were there to help with both no-interest and low-interest loans to tide them over. This happened again during the 2013 shutdown and in both cases, members repaid every penny. We are glad to be able to offer this assistance once more to help our members in need.”
Five federal financial regulators are encouraging financial institutions to work with borrowers affected by the federal government shutdown.
Learn more about how these credit unions and others are putting people over profits at www.cuna.org/shutdownassistance.
To add your credit union's efforts to CUNA's webpage, email your story to CCUL PR & Communications at firstname.lastname@example.org with the email subject "2019 Shutdown: Our Efforts to Aid Federal Employees."