Reminding that the agency remains open and federal share insurance remains in effect during the current federal government shutdown, credit unions’ federal regulator Wednesday offered a brief list of how credit unions may prepare for the questions and needs of members who may be otherwise affected.
The National Credit Union Administration (NCUA) noted that the shutdown, which began today over an impasse on federal government appropriations, may affect credit unions, particularly those serving federal employees. It said credit unions should plan to respond to members’ questions “and consider other actions,” such as:
- Ensuring policies provide flexibility to respond to members’ financial needs.
- Preparing for service interruptions if the shutdown affects access to credit union offices located on federal property.
- Prudently working with affected members, including providing advances to individuals receiving direct deposits from the federal government.
- Developing contingency plans with respect to participation in government programs that may be affected by the federal government shutdown.
- Communicating response plans to members, staff and volunteers in a timely manner.
“Consistent with safety and soundness, credit unions may want to consider offering special programs to assist impacted members who need short-term loans, create loans with special terms and rates, or offer payment flexibility,” the agency said.
It also referred credit unions to the agency’s Letter to Credit Unions 11-CU-05, Planning and Preparedness for a Potential Government Shutdown.”
NCUA Letter 11-CU-05, “Planning and Preparedness for a Potential Government Shutdown”
Release: NCUA to Remain Open, Credit Union Members’ Shares Insured, While Federal Government Closed
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