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As Federal Government Shutdown Looms, Credit Unions Ready to Help Members

The federal government appears headed for a shutdown as Congress struggles to pass a funding deal by the September 30 deadline.

Tonight, the House of Representatives is expected to vote to advance individual spending bills, but it’s not clear if there’s enough support to move forward. Over in the Senate, leaders are working to reach an agreement on a continuing resolution to keep the government open.

What Credit Unions Should Know:

  • It is possible that credit unions with branches located in federal buildings may experience limited-service interruptions. The NCUA works with such credit unions to minimize any problems.
  • The NCUA-administered National Credit Union Share Insurance Fund (NCUSIF) is independent of the federal appropriations process and insulated from any government shutdown. Credit union share deposits remain insured and secure.
  • The Small Business Administration (SBA) and the Federal Housing Administration (FHA) will likely be unable to process loan requests and loan origination applications during the shutdown.
  • Credit unions may wish to refer to the Internal Revenue Service (IRS), the Financial Crimes Enforcement Network (FinCEN), and other federal agency websites to receive the latest news on services available.

We want to hear from you
If your credit union is planning to offer support to impacted members through special programs such as special rates, short-term loans, lines of credit, fee waivers, etc., we want to hear from you (if you haven’t already provided the information). Please email Michelle Byrnie-Parker at mparker@mddccua.org. It’s important to demonstrate how once again, credit unions are there to assist members during times of crisis, not because they’re asked, but because it’s the right thing to do.

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