House Resolution Encourages FIs to Provide Solutions for Those Affected by Shutdown

The U.S. House of Representatives Tuesday passed H. Res. 77, expressing the sense of Congress that “financial institutions and other companies should work proactively with their customers affected by the shutdown of the Federal Government who may be facing short-term financial hardship and long-term damage to their creditworthiness through no fault of their own.”

“As financial institutions with a mission and structure centered around working with our member-owners in times of financial hardship—especially for those emergencies that fall outside of their own control—we wholeheartedly support the sentiments agreed upon in the House, today,” said CUNA Chief Advocacy Officer Ryan Donovan. “From the beginning of the shutdown, credit unions have been serving affected members, offering deferred payments on existing loans, low- and no-interest personal loans, and other solutions designed to meet individuals’ specific needs.”

Waters, chair of the House Financial Services Committee, contacted CUNA and other organizations last week requesting information on how workers were being helped, and CUNA responded with its list of credit unions offering shutdown assistance, which Waters acknowledged during her opening remarks on the resolution.

CUNA also sent its updated list to five members of the Senate Banking Committee.

CUNA continues to update its shutdown assistance page, and has called on credit unions that provided services to affected members to fill out a brief, 10-minute survey for its continued documentation of credit union efforts. The survey is available here.