Quantifying credit unions’ immense impact amid historic government shutdown

With federal workers facing what will now be the longest government shutdown in history, credit union outreach to help is more important than ever.  

Tinker Federal Credit Union is teaming up with the local food bank and other community programs and resources to help people facing significant financial and food insecurity in Oklahoma City. The credit union will present free financial education workshops open to the community that tackle financial tools and resources to help navigate the government shutdown on Wednesday. It’s also offering a new hardship relief program, which includes 0% interest loans for qualifying members, free refunds, and more. 

This is just one example showing how credit unions are stepping up to help. As reflected in America’s Credit Unions’ government shutdown assistance survey, credit unions nationwide have jumped into action amid this ongoing crisis: 

• 90% offer deferred payments on existing loans;
• 78% launched new loan programs;
• 88% modified current loans;
• 68% are waiving fees or penalties to reduce member strain; and
• 66% are offering other services including financial counseling, budget management support, or other personalized services. 

Credit unions’ efforts are reflected in America’s Credit Unions’ Government Shutdown Assistance page, which offers various resources, including a regularly updated state-by-state listing of credit unions offering help. Participate in the survey today to be included.  

Even more examples of credit unions’ efforts amid the shutdown are featured in several blogs: 

• Credit unions: a safety net when Americans face financial hardship
• Standing strong for credit union members
• Standing beside those who serve during financial uncertainty
• 'Credit union difference' defined during shutdown
• Credit union's refined framework delivers immediate shutdown relief.