SEATAC, WA; --If the Washington Legislature fails to reach a budget agreement by June 30, the state government will partially shut down. That could create financial hardship for the 32,000 state employees who will be laid off, and for thousands of other consumers who rely on some state services that will be suspended.
Many Washington credit unions have options in place to help their members who would be impacted.
"As not-for-profit cooperatives, credit unions have a rich history of helping their members navigate through the opportunities and challenges of life's journeys," said Troy Stang, President and CEO of the Northwest Credit Union Association (NWCUA). "It is during difficult times such as government shutdowns and other emergencies that the cooperative financial services model shines through."
Standing Beside Members is What Credit Unions Do
Because credit unions are local, member-owned cooperatives, and not-for-profit, they focus on putting their members' needs first, in good times and during emergencies, Stang noted. Services many Washington credit unions are preparing to offer in the event of a state government shutdown include short-term loans to cover payroll gaps, options to skip loan payments, and financial counseling. An example of such member services is posted on the Washington State Employees Credit Union website as well as on the O Bee Credit Union website.
Stang recommends state employees and other consumers who could be impacted by a state shutdown contact their credit unions in advance, to learn more about services that could be available.
The Northwest Credit Union Association is the not-for-profit trade association representing over 180 credit unions in Idaho, Oregon, and Washington. Credit unions are not-for-profit, cooperative financial services providers, owned by the members using their services. Credit unions do not pay stockholders on Wall Street. Instead they return all earnings in excess of expenses and required reserves back to their members in the form of lower fees, better loan rates, higher yields on savings, and other services. More than six million Northwest consumers are credit union members. For information on how to join a credit union, please visit http://www.asmarterchoice.org.
Attached Media Files: 2017-06/4992/105601/Washington_Credit_Unions_Prepare_to_Help_Members_Through_Government_Shutdown_ds.docx