Redefining shutdown relief for members in need

The efforts of credit unions to relieve the financial stress for members affected by the government shutdown generated innovative approaches, with an impact that is felt even after the government is funded.

Keesler Federal Credit Union created and launched an entirely new program for members with established direct deposits from federal agencies.  During the shutdown, the credit union deposited the amount members would typically receive in their regular paycheck.

As explored in America’s Credit Unions Blog, Keesler Federal ultimately advanced more than 5,000 paychecks totaling $6.5 million to its 1,710 enrolled members who were federal employees.

“The credit union mission is a noble one, and it's about helping members and building communities,” said Keesler Federal Director of Public Relations and Communications T. Bradley Keith. “Credit unions are taking the lead to innovate the way we tried to with the paycheck relief.”

The largest credit union in Mississippi, Keesler Federal also offered a zero-interest loan of up to $6,500 with a 12-month repayment term for those unable to access the automatic paycheck advance program. They partnered with Feeding the Gulf Coast for a massive food distribution event in Gulfport that served approximately 1,900 to 2,000 people, representing 400 to 500 families.

America’s Credit Unions is still collecting information from credit unions on services offered to members impacted by the shutdown.