HANSCOM AFB, Mass.—With Congress at an impasse over funding the Department of Homeland Security, Hanscom CU here said it will provide financial assistance in the event of a shutdown.
If Congress does not pass a funding bill by Friday, approximately 30,000 DHS employees, primarily office workers, will be put on unpaid furlough. Approximately 80% of the department’s more than 240,000 employees will continue to work, as their positions are considered essential to national security but they will not be paid.
Hanscom FCU said it has members who are employed by the DHS, US Customs & Border Protection, FEMA, US Coast Guard, US Immigration, Secret Service and TSA, all of whom will be offered access to programs to help them manage their finances.
The credit union said that members whose paychecks are affected by the action may request a LifeLine Loan equal to one month’s net payroll, up to $5,000. The loan features a 0.0% APR and no payment requirement for the first 60 days. If the loan is not repaid within 60 days, the loan converts to an installment loan at 8.49% APR that members can repay over a 12-month period.
In addition, Hanscom FCU said it will waive penalties for premature withdrawals on term share certificates and allow qualified members to skip consumer loan payments with no fee.
The credit union said that anyone facing a sudden drop in income can download a toolkit from its website with worksheets, checklists, and helpful tips. Through a partnership with BALANCE Financial Fitness, Hanscom FCU members can schedule a free, confidential one-on-one phone session with a certified financial counselor for help with budgeting, managing credit, and assessing their finances.