I grew up as an Alaskan commercial fisherman. Boats have safety systems to pump out seawater that leaks in: bilge pumps. They keep you from sinking, unless there are too many small leaks, eventually they can’t keep up and you are headed for the sea floor. Your credit union is similar… if you outsource too many tasks (paying $$$ for each little one), eventually your profit will be insufficient to keep you afloat.
When the federal government shutdown hit, credit unions across the country sprang into action. They offered furloughed government employees and military families emergency no-interest loans, skip-a-payment options, and fee waivers to help make ends meet.
More than half of U.K. adults now pay with their phone or smartwatch, according to UK Finance. Tap-to-pay has become second nature, a habit as ordinary as unlocking your screen. That rise in mobile payments is reshaping how people think about money. It’s quick, convenient and invisible which means expectations have changed. Once you get used to instant transactions, anything slower feels broken.
The federal government shutdown has halted paychecks for millions of government employees. Many of these employees and their families are in distress, facing difficult decisions about which essential expenses to cover.
I’ve spent years advocating for the financial well-being of those who serve our nation, and one thing is abundantly clear: it is fundamentally unfair that servicemembers, Coast Guard personnel, or federal employees should suffer lasting damage to their creditworthiness because of a congressional funding lapse.
Star Trek IV: Remember that movie? Aliens come to earth and start destroying the planet while trying to communicate with whales, whales which humans accidentally let go extinct centuries earlier. The survival of the entire planet depended on Kirk and Spock travelling back in time to save the whales. Who would have guessed those simple sea creatures would be important years later?
Employee wellness has long been viewed through the lens of physical health, with benefits packages including insurance coverage, wellness challenges, and gym memberships. But for today’s workforce, the most persistent wellness issue is financial stress.
As the federal government shutdown enters its fourth week, credit unions have emerged as frontline financial first responders. Across the country, especially in military communities and regions dense with federal employees, credit unions mobilized immediately to ease the financial stress on those who serve our nation.
The Washington Post recently highlighted concerns that the rise of “shadow banking” – largely unregulated private credit – could pose systemic risks to the financial system. High-profile collapses like First Brands (auto parts) and Tricolor (subprime auto lender) rattled markets, even spooking big banks into losses and “cockroach” analogies about hidden dangers.
In less than one week, on Oct. 15, roughly 1.3 million active-duty U.S. troops are slated to miss their scheduled mid-month paycheck if the current government shutdown continues. These men and women will continue standing guard and performing their duties – without pay – while their families back home scramble to afford rent and groceries. This situation is gravely untenable for those who volunteer to risk their lives for our country. Paying our military should never be a political football – it’s not Republican or Democrat, it’s American.
