|
 |
|
|
|
|
|
| Shutdown Policies from NCUA, Federal Regulators |
|
As the government shutdown continues, the NCUA is reassuring credit union members that the agency will remain open and individual accounts will remain federally insured during the federal government shutdown.
Federal financial regulators—including the NCUA—also reminded lenders they may continue to make loans that are subject to the federal flood insurance statutes when the National Flood Insurance Program is not available, such as during a government shutdown.
The Senate Wednesday again failed to pass a continuing resolution and has no votes scheduled until Friday. Office of Management and Budget Director Russ Vought provided an update on reduction-in-force plans to Republican Congressional leaders Wednesday, indicating that layoffs could begin within one to two days if the shutdown continues.
"This year's government shutdown will be much more consequential, as some government employees could lose their jobs,” said Jim Nussle, America’s Credit Unions president/CEO. “For credit unions, this means they may have more members facing financial hardships and extended financial uncertainty. America's Credit Unions is actively monitoring funding discussions and will analyze the impact of the RIFs when more details are released. We will continue to provide insights and resources to credit unions to help them effectively support their members."
Updates to America’s Credit Unions’ government shutdown assistance page are ongoing as more information and resources become available. Credit unions are encouraged to share information about efforts to support members impacted by the shutdown. This will help inform advocacy efforts with lawmakers to restore funding and also illustrate the credit union difference in action during the shutdown.
Copyright 2025. America’s Credit Unions. (link) |
|
|
|
|
|
|
