Banks and credit unions across the nation are offering a variety of assistance options to help consumers affected by a federal government shutdown.
The Consumer Bankers Association (CBA) provides a webpage where consumers can learn more about how its retail bank members are helping consumers, and also includes links for consumers to reach out to those banks. CBA wrote, “if you are a federal worker furloughed by the partial government shutdown, please contact your bank for more information on assistance programs in place to help.” CBA also states that, “[b]anks are working with customers on a one-on-one basis as the partial government shutdown continues and federal employees through no fault of their own, miss paychecks and small businesses are not able to access Small Business Administration loans.”
The American Bankers Association (ABA) has a page on its website where consumers can access links to its member banks. The ABA states, “[e]ven before the partial government shutdown took effect, banks across the country were prepared to help those impacted. The assistance offered to customers depending on their individual circumstances has included fee waivers, loan modifications, payment deadline extensions, payroll advances, low-rate and zero-rate loans as well as other accommodations. We applaud banks of all sizes for helping their customers during this challenging period, and encourage federal employees and others in need to reach out to their financial institutions to see what help may be available.”
The Credit Union National Association (CUNA) lists on its website over 500 of its member credit unions and details the type of assistance each one is offering to consumers impacted by a government shutdown. This includes forbearance and deferrals, low interest loans, and more.