Credit unions offer relief during government shutdown

DENVER — Credit unions across multiple states are stepping up to help members weather the ongoing federal government shutdown by offering no- and low-interest loans, payment deferrals and fee waivers to those facing delayed paychecks.

The institutions are encouraging affected families to use these programs rather than turn to payday loans or buy now, pay later schemes.

“Credit unions were built to serve their members in moments just like this,” said Troy Stang, president and CEO of GoWest Credit Union Association. “Credit unions are moving quickly to provide relief and demonstrate their unwavering commitment to their members.”

Westerra Credit Union in Colorado is offering a special six-month, 0% interest loan to help eligible members bridge the gap between paychecks. The support is available to existing members who provide documentation of federal furlough and proof of income.

“Our commitment to the community goes beyond banking,” said Anneliese Elrod, chief operations officer at Westerra Credit Union. “We’re here to provide stability, resources and ready solutions when our members need it most.”

WECU in Washington offers free skip-a-pay options, fee waivers, loan extensions, consumer loan programs and mortgage assistance, including forbearance options.

OneAZ Credit Union in Arizona is offering fee waivers for early certificate withdrawals and courtesy pay advances, assistance loans, free financial guidance and additional financial hardship options, including payment deferment and loan modification options.

“Our mission to improve the lives of our members, associates and communities isn’t just a slogan, it’s what we do,” said Mike Boden, interim CEO for OneAZ Credit Union.

Blue Federal Credit Union, based in Wyoming, is offering skip-a-payment on loans, waived penalties for early term share withdrawals and 0% interest loans for six months with no payment for 90 days.

“Life doesn’t pause even if paychecks are paused,” said Neal Weber, CFO for Blue Federal Credit Union. “Credit unions are stepping up and helping families, individuals and communities get through seasons like this because we’re grounded in the communities we serve.”

Credit unions operate as cooperative, not-for-profit institutions that reinvest earnings back into their members and communities rather than distributing profits to investors.