WASHINGTON—The House has approved a one-week extension of funding for the Department of Homeland Security, meaning credit unions that have put together relief packages for DHS workers will have a few extra days before having to deploy them.
The House’s one-week funding extension is good through March 6, after which more than 200,000 employees could begin going without paychecks.
Among those CUs offering relief is Hanscom FCU, Hanscom AFT, Mass., which 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.