Credit unions introduce programs to help members affected by federal government shutdown

GARDEN GROVE, Calif. (KABC) — Federal credit unions marked International Credit Union Day on Oct. 16 by offering products to members specifically impacted by the federal government shutdown.

At Eagle Community Credit Union in Garden Grove, they’re offering six-month lines of credit with zero-percent interest to workers struggling because they haven’t been paid since the federal government shut down on October 1st.

“We understand that as federal employees have been impacted by this, what can we do to better help them,” said Michael Kim, CEO of Eagle Community Credit Union.

“Currently we’re offering a zero percent line of credit to impacted members of the shutdown, we offer financial relief to the loan products that they may have with us, in terms of giving them payment relif, skipping their payments, that sort of thing.”

Kim said they’re offering this product indefinitely, at least until Congress eventually approves a spending package that allows the government to reopen.

While not all credit unions are offering zero-percent-interest lines of credit, many are offering similar products to help those who are struggling.

“Members should let their financial institution know that they’ve been impacted by the shutdown, and credit unions all offer different kind of programs to help provide that type of relief.”