Nussle: Credit unions are ‘people helping people’ in action during shutdown

The federal government shutdown is affecting hundreds of thousands of federal employees, and credit unions are taking action to help as they always do in tough economic times. In a CUToday op-ed Tuesday, America’s Credit Unions President/CEO Jim Nussle shared examples of leagues and credit unions working to provide resources and shutdown assistance.

“While this shutdown continues, with no clear end in sight and the added element of permanent job losses possible, the credit union industry is stepping up,” Nussle wrote. He highlighted shutdown-related services including new relief loans, extended lines of credit, paycheck advances, waived fees on early withdrawals, loan forbearance and modifications, and more.

“These are just a few examples, coast to coast, showing how credit unions are standing with their members and communities who need a trusted financial partner,” Nussle wrote. “The credit union industry’s mission of ‘people helping people’ is clear in times like these. Not only because the need is there, but because this is how they are intrinsically built. People can count on credit unions.”

Nussle shared the impact a shutdown can have, pointing out that the 2019 shutdown led to nearly half of federal working falling behind on bills, 27% saying they missed a mortgage or rent payment, and 62% depleting most or all of their emergency savings.

He also wrote to all Congressional offices Monday to address the many ways credit unions are assisting legislators’ constituents and communities through the shutdown.

America’s Credit Unions has a Government Shutdown Assistance page with resources and a survey open for credit unions to share how they are helping affected members.

Read the op-ed