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As the federal government runs out of funding on Saturday, credit unions in Maine are preparing for ways to help members who may be affected. More than more than 11,000 federal workers in Maine would be furloughed or expected to work without pay. With the lack of consensus driving the federal political climate, credit unions should be prepared to help members who might be impacted if a shutdown goes into effect at 12:01 am on Sunday.
During the last government shutdown in 2018, Maine credit unions found innovative solutions to helping furloughed workers pay their bills through the 35-day shutdown. With programs like Skip-a-Pay and short-term loans, credit unions are well-equipped to work with their members to avoid financial disaster due to this shutdown.
The League and our partners at CUNA are monitoring this closely and will keep credit unions apprised of updates. Access to federal programs – including small business loans and critical nutrition assistance programs will be impacted. CUNA has developed a document for credit unions that outlines shutdown implications. If you are a credit union that would like assistance exploring options or messaging about the shutdown to your members, please contact the League’s Governmental Affairs team. CUNA also is requesting assistance in collecting stories on how credit unions are helping affected members. If your credit union is interested in providing data to CUNA, you may do so electronically by visiting this link.