WASHINGTON–Credit unions made more than $46-million in low- or no-interest loans to more than 60,000 federal workers who were also members during the
recent partial federal government shutdown, according to data compiled by CUNA.
In all, CUNA said it identified more than 500 credit unions that provided some sort of assistance during the 35-day shuttering of portions of the federal government.
According to CUNA, it’s survey of credit unions found:
- More than 60,000 credit union members turned to their credit union for support
- More than 11,000 members were afforded loan extensions and other loan modifications, often with associated fees waived
- More than 3,000 people joined a credit union during the shutdown to help them weather the shutdown’s financial uncertainty.
Contrast With Banks
“Responses also indicated that, while banks offered to defer existing loans, few if any were able to help customers deal with day-to-day costs, while many credit unions were able to tailor products explicitly for that purpose,” CUNA said.
CUNA said its chief advocacy officer, Ryan Donovan, reached out to all 535 Congressional offices to share the results of CUNA’s research into credit union shutdown efforts.
“We were there. And that’s what we mean when we talk about our people helping people philosophy. Our mission and structure are to serve our members; not investors, not a corporate board, but the men and women who have committed to joining a movement that will be there when times are good to help build personal wealth, and who will be there when things get rough,” Donovan said. “We were there for the shutdown. We were there for the wildfires, the floods, and the hurricanes. And we were there for the daily misfortunes. And we’ll continue to be there.”