Area Credit Unions stepping up for government employees affected by shutdown

As an estimated 800,000 federal employees and their families are facing financial uncertainty because of the partial government shutdown and the temporary freezing of paychecks, credit unions in the Dakotas and around the country are exemplifying the credit union motto of “People Helping People” by stepping up to ease some of those financial stressors.

“All across the Dakotas, and indeed, around the country, we are seeing great examples of what credit unions can do for their members and their communities, and what differentiates them from other financial institutions,” says Jeff Olson, President/CEO of Credit Union Association of the Dakotas. “The not-for-profit, member-owned financial cooperative structure is unique because it allows credit unions to make local decisions that are based first on members’ needs, not on profits. It is times like these that credit unions truly shine, and we could not be more proud of the steps our states’ credit unions are taking,” he added.

Many credit unions in North and South Dakota are offering 0 percent loans, deferred mortgage and/or personal loan payments, access to “restricted” deposits without penalties, financial counseling, and other services to help their affected members through this difficult time. In addition, credit unions are also helping federal employees who are not yet credit union members to have access to these services by welcoming eligible members to join.

Consumers are strongly encouraged to contact your local credit union if you are experiencing financial hardship due to the government shutdown and inquire about their specific programs and eligibility requirements.