BILOXI, Miss.— With the federal government shutdown now entering its second week, an increasing number of credit unions across the country are offering relief and financial assistance.
All indications are the shutdown is no closer to ending than it has been since it began on Oct. 1. While the House has passsed a continuing resolution (CR) to fund government operations in the short term, the Senate remains at an impasse, even as it has scheduled a vote for today.
In addition to the earlier assistance reported by the CU Daily here, the latest pledges to support members include:
• In Biloxi, Miss., Keesler FCU said it is offering paycheck relief for all eligible federal employees affected by the shutdown and will advance the amount of direct deposit paychecks for eligible members during the shutdown for up to 90 days. There is no cost or fee to enroll in the program.
• In Nebraska, Cobalt Credit Union is offering furloughed members loans of up to $5,000 with no fees or interest.
• Greater Nevada Credit Union in Carson City has introduced new loans and payment deferment to give immediate relief to impacted Nevadans, including loans at 0% interest for the first six months plus 90 days until the first payment is due. Loan amounts are capped at $10,000.
• In Los Angeles, California Credit Union announced it will offer special relief programs, including: Loan Payment Assistance, through which members may skip a payment, with all fees waived, on their consumer auto loan and/or personal loan; penalty-free certificate withdrawals; and reduced rate signature loans, with pricing at a 4% lower rate than the current lowest rate offered by the credit union. Members may receive up to two times their most recent net paycheck, up to $3,000, CCU said.
• In Panama City, Fla., Tyndall Federal Credit Union is offering members help via three options: a 30-day, 0% interest loan; a program allowing members to skip a loan payment; and mortgage assistance handled on a case-by-case basis.
• Day Air Credit Union in Kettering, Ohio, is offering a Government Shutdown Signature Loan, which is available to both members and eligible nonmembers who live, work, worship, or attend school in the Miami Valley. Additionally, Day Air said it has 17 certified credit union financial counselors located throughout its area financial centers who can provide support.
• Sunward Federal Credit Union in New Mexico is waiving penalties for early-term certificate withdrawals, nonsufficient funds and penalty fees for overdrafts, and also offering members the option of skipping a payment on a signature loan or auto loan, requesting a loan modification on mortgages, and applying for a relief loan for up to three months’ net pay.
• Also in New Mexico, Nusenda Credit Union is offering flexible loan payment options, early certificate withdrawals and a 0% interest member assistance loan.
• Similarly in the Land of Enchantment, U.S. Eagle Federal Credit Union is also offering a relief loan for its members, with 0% interest for the first 90 days. The Eagle Relief loans are up to $5,000. Affordable short-term loans are also available for nonmembers affected by the shutdown, the credit union said.
• In California, Valley Strong Credit Union said it is offering numerous programs, including Paycheck Assistance Loans, Mortgage Hardship Assistance, and Skip-a-Payment eligibility on auto, credit card, or personal loans through Valley Strong. The Paycheck Assistance Loans have a 0% APR on amounts up to $6,000, repaid in two equal payments due at 60 and 90 days from loan funding.
• In Merritt Island, Fla., Launch Credit Union is offering a loan to those affected with a 5.99% APR for up to 12 months, for the amount of one biweekly or two weekly net paychecks, up to $5,000.
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