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Credit unions offer help to furloughed feds

The National Association of Federal Credit Unions is reassuring credit union members suffering the financial effects of sequestration that credit unions may be able to help.


The National Association of Federal Credit Unions is reassuring credit union members suffering the financial effects of sequestration that credit unions may be able to help.

NAFCU has published a "Credit Union Furlough Assistance" page on its website that contains a links to credit unions that are offering special programs for federal employees whose finances are taking a hit because of furloughs.

The 1.2 million-member Pentagon FCU, for example, has an online financial hardship center where members can look into mortgage rate modifications and refinancing, as well as borrower relief and assistance on outstanding consumer loans that were obtained through the FCU.

And the Navy FCU, which has more than 4 million members, has a sequestration hotline, and offers members experiencing financial hardship help in the form of loan assistance, penalty-free early withdrawals on certificates of deposit, and a lower rate on its checking overdraft line of credit.

The organization said that even if a credit union is not on the list, "the industry has a history of standing by its members," so feds in need still should contact a credit union representative to see if some assistance is available.

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