Credit unions: part of the government shutdown solution

As the government shutdown extends beyond a month, with more and more federal workers and service members facing a tough financial crunch, credit unions are urging an end to the government shutdown.

“We can’t do it forever, and that’s why we’re calling on Congress to try and help create predictability and certainty in the marketplace,” explained incoming America’s Credit Unions President/CEO Scott Simpson on The David Webb Show on SiriusXM Thursday.

Even while urging an end to the government shutdown, credit unions are stepping up. “We're doing everything that we can, and it's not unfamiliar territory for us,” explained Simpson. “Fires, floods, natural disasters, and even government dysfunction, we’re throwing out almost every lifeline that we can do at this point.”

There are multiple examples nationwide showing how credit unions are living their mission to meet members’ needs, from loan payment deferrals to zero interest loans. Simpson shared how Frontwave Credit Union has advanced nearly $55 million in payroll for Marine Corps recruits.  

As financial first responders, these kinds of efforts are taking place in credit unions across the country, who stand ready to help those in need. Simpson encouraged SiriusXM listeners to find a credit union near them that can meet their financial needs.

“Reach out, don't be afraid to have the conversation and to talk about the challenges that you have, because there are a lot of letters, a lot of products, a lot of services that can be brought to bear to help people in times of need.”

Credit unions’ ability to prioritize these efforts is due to their structure and mission to help people, explained Simpson.

“A credit union is a member-owned cooperative, and so the very people that are the depositors and the borrowers are the owners, and so there is no extraction of wealth,” he said. “It's just recirculated within the system and all of that benefits the credit unions. That gives us a different sort of mindset in times like these, where we can actually reach out and extend opportunities.”

Together with leagues and credit unions, America’s Credit Unions continually advocates so that credit unions can provide people with more resources and opportunities as they deal with life’s every day challenges and extraordinary situations – and that includes during the government shutdown.

“If we can be a part of a solution, we would love to do it,” said Simpson. “We've got over 4,000 credit unions in the country standing by ready to help people pursue happiness and find the economic freedom that this country promises.”