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CEO DATELINE – Associations tout members’ aid for furloughed federal workers

Jan. 17, 2018
By Walt Williams

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Multiple business groups are highlighting ways their members are helping the roughly 800,000 federal employees who are not receiving paychecks during the partial government shutdown.

In a Jan. 10 statement, the National Rental Home Council announced that several of its members are offering rent deferrals and waiving late fees for tenants who can prove they have been furloughed.

 “Going without a paycheck for nearly a month can be an incredibly stressful experience for American working families,” NRHC board President Kevin Baldridge said in a statement. “We are deeply committed to helping all of our residents impacted by the government shutdown.”

Credit Union National Association set up a page on its website detailing, state-by-state, credit union efforts to help furloughed workers, including loans of 0 percent interest for 60 days, loan deferrals and waivers of fees for missing payments.

In a statement, the National Association of Federally-Insured Credit Unions also noted several ways credit unions are helping furloughed workers, including one-time loans, line-of-credit limit increases and deferred payments on existing loans.

Banks are helping as well. In an open letter to regulators, Consumer Bankers Association CEO Richard Hunt noted his members were offering assistance such as deferments, temporary hardship programs and increasing overdraft limits.

“We know federal employees had no role in this shutdown, neither did banks,” Hunt said. “As with so many other issues ranging from wildfires, floods and hurricanes to data breaches at retail giants, banks are the ones on the front lines helping make it right for their customers.”

CEO DATELINE